itub institutional presentation 3q19 - macroeconomic

3Q19Macroeconomic Outlook

3Q19

This presentation contains forward-looking statements regarding Itaú Unibanco Holding, its subsidiaries and affiliates - anticipated synergies, growth plans, projected results and future strategies. Althoughthese forward-looking statements reflect management’s good faith beliefs, they involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to bematerially different from those anticipated and discussed herein. These statements are not guarantees of future performance. These risks and uncertainties include, but are not limited to our ability torealize the amount of the projected synergies and the timetable projected, as well as economic, competitive, governmental and technological factors affecting Itaú Unibanco Holding’s operations, markets,products and prices, and other factors detailed in Itaú Unibanco Holding’s filings with the Securities and Exchange Commission which readers are urged to read carefully in assessing the forward-lookingstatements contained herein. Itaú Unibanco Holding undertakes in duty to update any of the projections contained herein. This presentation contains managerial numbers that may be different from thosepresented in our financial statements. The calculation methodology for those managerial numbers is presented in Itaú Unibanco Holding’s quarterly earnings report. To obtain further information onfactors that may give rise to results different from those forecast by Itaú Unibanco Holding, please consult the reports filed with the Brazilian Securities and Exchange Commission (Comissão de ValoresMobiliários - CVM) and with the U.S. Securities and Exchange Commission (SEC), including Itaú Unibanco Holding’s most recent Annual Report on Form 20F.

Brazilian Economy andBanking Sector

As of November 12, 2019

Macroeconomic Outlook 1

(1) Source: Brazilian Central Bank, FGV, IBGE, IMF, and Haver. (2) Source: Itaú Unibanco Holding analysis. (3) Unemployment Rate measured by PNAD Contínua.

2013 2014 2015 2016 2017 2018 2019 ² 2020 ²

World Economy

GDP - World 3.5% 3.6% 3.5% 3.3% 3.7% 3.7% 3.0% 3.1%

GDP - USA 1.8% 2.5% 2.9% 1.6% 2.4% 2.9% 2.2% 1.7%

GDP - Euro Zone -0.2% 1.4% 2.0% 1.9% 2.7% 1.9% 1.1% 0.8%

GDP - China 7.9% 7.4% 7.0% 6.7% 6.8% 6.5% 6.2% 5.7%

Brazilian Economy

GDP - Brazil 3.0% 0.5% -3.5% -3.3% 1.1% 1.1% 1.0% 2.2%

Interest Rate (End of Period SELIC) 10.00% 11.75% 14.25% 13.75% 7.00% 6.50% 4.50% 4.00%

Interest Rate (Annual Average SELIC) 8.44% 11.02% 13.58% 14.17% 9.92% 6.56% 5.96% 4.06%

Inflation (IPCA) 5.9% 6.4% 10.7% 6.3% 2.9% 3.7% 3.3% 3.7%

Inflation (IGP-M) 5.5% 3.7% 10.5% 7.2% -0.5% 7.5% 5.5% 4.0%

FX Rate (R$ / US$, End of Period) 2.36 2.66 3.96 3.26 3.31 3.88 4.00 4.15

National Unemployment Rate ³ (Annual Average) 7.1% 6.8% 8.5% 11.5% 12.7% 12.3% 12.0% 11.7%

National Unemployment Rate ³ (End of Period) 6.8% 7.1% 9.6% 12.6% 12.4% 12.2% 11.9% 11.5%

87.8

11.9

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19(E)

Industrial production National Unemployment Rate

-0.8 -0.8-0.2

-0.7 -0.6

1.6

0.2 0.1 0.30.6

-0.1

0.50.1

-0.1

0.5 0.40.7

Brazil | Macroeconomic Outlook 1

(1) Source: IBGE, Haver and Itaú Unibanco analysis. (2) Index (Average 2012 = 100). Source: IBGE. (3) Nation-wide Unemployment Rate seasonally adjusted measured by PNAD Contínua-IBGE (was initiated in March-12). (E) Source: Based on Itaú Unibanco expectations.

Inflation Breakdown (%)Industrial Production 2 x Unemployment

GDP | % (YoY) GDP | QoQ (%)

3

3.3

5.2

2.7

02468

101214161820


IPCA 12 months IPCA regulated prices12 months

IPCA market prices12 months

1.22.3

1.0

-7

-5

-3

-1

1

3

5

7

Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

EU USA Brazil


(1) Source: Brazilian Central Bank and Itaú Unibanco Holding analysis. (E) Source: Based on Itaú Unibanco expectations.

International Reserves / External Debt (%)External Debt-Service / Exports (%)

Net External Debt / Exports (%) Net External Government Debt / Exports (%)

-35-31

-100

-50

0

50

100

150

200

250

300

2Q03 2Q05 2Q07 2Q09 2Q11 2Q13 2Q15 2Q17 2Q19

With Exports of Goods With Exports of Goods and Services

-101-85

-190

-140

-90

-40

10

60

110

160

Sep-03 Sep-05 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-17 Sep-19

Central Government Public Sector

56

41

32

19

2923 21 22

31 28

63 62

51

44

55 52

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(E)

2020(E)

32

50

93 98

120112

118116

120

106 110 115 118 122131 126

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(E)

2020(E)


(1) Source: Brazilian Central Bank and Itaú Unibanco analysis. (E) Source: Based on Itaú Unibanco expectations.

Current Account / GDP (%) Foreign Direct Investment / GDP (%)

Net External Debt / GDP (%) International Reserves / GDP (%)

10175

-12 -28-62 -51 -61 -75 -90

-46 -58 -67 -79 -72-82 -82

11.3

6.8

-0.9 -1.6-3.7 -2.3 -2.4 -3.0 -3.7

-1.9 -3.2 -3.8 -3.8 -3.8 -4.5 -4.4

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(E)

2020(E)

Net External Debt (USD Billion) Net External Debt /GDP (%)

5486

180 194239

289

352379 376 374 369 372 382 387 387 387

6.07.7

12.911.4

14.3

13.1 13.515.4 15.2 15.2

20.5 20.7

18.620.7 21.2 20.8

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(E)

2020(E)

International Reserves (USD Billion) International reserves/GDP (%)

15 19

4551

31

82

10293

7588

6574 69

77 75 80

1.7 1.8

3.2 3.0

1.9

3.7 3.9 3.8

3.03.6 3.6

4.1

3.4

4.1 4.1 4.3

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(E)

2020(E)

FDI (USD Billion) FDI/GDP (%)

14 130

-31 -26

-79 -76-84 -80

-101

-54

-24-15

-22-33

-41

1.5 1.20.0

-1.8 -1.6

-3.6-2.9

-3.4 -3.2-4.1

-3.0

-1.3-0.7 -1.2

-1.8 -2.2

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(E)

2020(E)

Current Account (USD Billion) Current Account/ GDP (%)

1

2

3

13

33

43

46

58

61

63

72

United States

Singapore

Germany

China

Chile

Russia

Mexico

India

Turkey

Peru

Brazil

Brazil | Macroeconomic Outlook

(1) Source: Brazilian Central Bank and Itaú Unibanco analysis. (2) Does not include Petrobras and Eletrobras. (3) Relative Position when compared to other countries. Source: World Economic Forum, Global Competitiveness Report 2017-2018. (4) 3-Month Moving Average YoY variation. Source: IBGE. (E) Source: Based on Itaú Unibanco Holding expectations.

Real Interest Rates | Selic/IPCA 1 (%) 12- Month Primary Budget Result Consolidated | GDP 2 (%)

Global Competitiveness Ranking 3 Broad Retail Sales 4 (%)

11.6

7.26.3

5.4

3.94.9

2.5 2.4

4.3

2.6

7.46.8

2.7 2.5

0.4 0.4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(E)

2020(E)

2021(E)

Real Interest Rate IPCA (Consumer Price Index)

4.4

-18

-13

-8

-3

2

7

12

17


-1.3

-1.1 -1.1

-4

-3

-2

-1

0

1

2

3

4

5


Credit Evolution/GDP

Credit Evolution / GDP | Brazil (%) Mortgage Evolution / GDP | Brazil (%)

Source: Central Bank of selected countries. Reference date: Brazil – Sep-19, United States – Mar-19, South Africa – Dec-18 and other countries – Jul-19.

Mortgage / GDP (World 2019) (%)Credit / GDP (World 2019) (%)

45.347.7

50.0 51.053.3

50.5

47.2 47.1 47.6


4.8

5.9

7.2

8.3

9.5 9.8 9.7 9.5 9.4


48

90

3245

82

116102

148133

99

75

9

26

117

37

49

22

49

61

42

29

1,182 1,345 1,461 1,532 1,614 1,551 1,533 1,679 1,898

754 899

1,136 1,365

1,560 1,570 1,528 1,499 1,463

1,936 2,244

2,597 2,897

3,174 3,121 3,061 3,178 3,361


Total Non Earmarked Credit Total Earmarked Credit

Total Loans (R$ billion) 1

Brazil | Banking Sector Outlook

Private vs. Public Banks Market Share (%) 3

(1) 2019 information reflects the most recent data released. (2) Total Credit includes earmarked loans and non-earmarked loans. (3) From Jul/16 the HSBC Brazil retail operations have started to be consolidated in Bradesco operations.

Loan growth – by customer (YoY %) 2

Loan growth – by type of control (YoY %) 2,3

-0.9

11.3

5.8

-11

-6

-1

4

9

14

19

24


Corporate Individuals Total

5.8

-2.0

15.411.7

-19

-9

1

11

21

31

41


Total State Owned Domestic Private Foreign

48.5

36.1

15.4

0

10

20

30

40

50

60


State Owned Domestic Private Foreign

Brazil | Leverage and Monthly Debt Service

Debt service burden breakdown (%)

11.4 11.4 11.4 11.4 11.9 12.1 13.2 13.4 12.8 12.9 12.4 11.5 10.6 10.6 10.8

5.2 6.7 6.7 6.7 7.3 7.1 9.0 9.4 8.6 9.0 10.0 10.6

9.9 9.4 9.8

16.618.1 18.1 18.1 19.2 19.2

22.1 22.721.4 21.9 22.4 22.2

20.5 19.9 20.6

Aug-05 Aug-08 Aug-08 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 Aug-19

Debt service burden - Principal Debt service burden - Interest

16.6

18.3

18.1 18.1 19.2 19.2 22.1 22.7

21.4 21.9 22.4

22.2 20.5

19.9

20.6

16.2 17.8 17.6 17.6 18.6 18.4 20.7 21.1 19.5 19.7 19.9 19.6 18.0 17.5 18.3

21.1 24.2 27.8 32.1 34.3 38.2 41.5 43.6 45.3 46.0 46.3 43.2 41.7 42.2

44.6

17.9 20.8

23.9

27.4 28.4 30.1 31.3 31.4 30.3 28.6 27.1 24.3 23.0 23.7 26.0

Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 Aug-19

Debt service burden (%) Debt service burden - without mortgage (%) Debt Leverage (%) Debt Leverage - without mortgage (%)

Brazil | Companies Leverage

Companies Leverage (Net Debt/EBITDA) 1

Companies Total Credit / GDP 2 (%)

(1)Source: Economatica (considers approximately 400 companies). (2) Source: Brazilian Central Bank.

2.2x

-

1.0

2.0

3.0

4.0

5.0

6.0

Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

24.7 25.9 26.9 27.0 28.2 25.4 22.2 21.4 20.3


19.420.9

24.1 23.9

20.321.8 21.9

23.6 23.5 23.5

8.5 8.411.0

13.6 14.2

9.9

6.6 6.5

6.5 6.0

5.5 5.0 5.07.0 7.5 7.1

6.7 7.0

6.3 6.0

2012 2013 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19

Itaú Unibanco ROE Average SELIC Long Term Interest Rate (TJLP)

3.9 3.5 3.6 3.5 3.4 3.3 3.4 3.4 3.5

27.1 25.3 27.0

24.2 23.4 23.0 25.8

27.7 27.3

Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

NPL 90 days Individuals Spread

Spread and Delinquency Evolution 1

(1) Source: Brazilian Central Bank and Itaú Unibanco analysis. (2) Periods prior to 2014 do not consider CorpBanca’s information.

3.3 2.9 2.9 2.5 2.6 2.4 2.5 2.4 2.4

10.5 9.8

10.1

8.4

8.6

8.2

9.4 9.2 9.1


NPL 90 days Corporate Spread

3.6 3.3 3.3 3.0 3.0 2.9 3.0 2.9 3.1

20.1 18.9 20.0

17.7 17.3 16.9

19.3 20.4 20.2

8.3 7.0 6.5 6.5 6.5 6.5 6.5 6.5 5.5


NPL 90 days Total Spread SELIC

Indicators 2 (%)Spread and Delinquency | Brazil (%)

Individuals Spread and Delinquency | Brazil (%) Corporate Spread and Delinquency | Brazil (%)

Brazil | Reserve Requirements and Restricted Loans

(1) Defined by Manual de Crédito Rural (MCR) for the period from Jul-19 till Jun-20; (2) Regulated by Resolution 4,000 (Central Bank).

Rate RemunerationReserve Requirement 21.0% No RemunerationRural 30.0% ¹ Max Interest: 8.0% annualMicrocredit 2.0% ² Max Interest: 3.79% monthlyAvailable to Lend 47.0%Reserve Requirement 20.0% Savings DepositsMortgage 65.0%Available to Lend 15.0%Reserve Requirement 31.0% SelicAvailable to Lend 69.0%

RateReserve Requirements and Restricted Loans

Demand Deposits

Savings Deposits

Time Deposits

3Q19Institutional Information

This presentation contains forward-looking statements regarding Itaú Unibanco Holding, its subsidiaries and affiliates - anticipated synergies, growth plans, projected results and future strategies. Althoughthese forward-looking statements reflect management’s good faith beliefs, they involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to bematerially different from those anticipated and discussed herein. These statements are not guarantees of future performance. These risks and uncertainties include, but are not limited to our ability torealize the amount of the projected synergies and the timetable projected, as well as economic, competitive, governmental and technological factors affecting Itaú Unibanco Holding’s operations, markets,products and prices, and other factors detailed in Itaú Unibanco Holding’s filings with the Securities and Exchange Commission which readers are urged to read carefully in assessing the forward-lookingstatements contained herein. Itaú Unibanco Holding undertakes in duty to update any of the projections contained herein. This presentation contains managerial numbers that may be different from thosepresented in our financial statements. The calculation methodology for those managerial numbers is presented in Itaú Unibanco Holding’s quarterly earnings report. To obtain further information onfactors that may give rise to results different from those forecast by Itaú Unibanco Holding, please consult the reports filed with the Brazilian Securities and Exchange Commission (Comissão de ValoresMobiliários - CVM) and with the U.S. Securities and Exchange Commission (SEC), including Itaú Unibanco Holding’s most recent Annual Report on Form 20F.

3Q19

Disclaimer

The merger between Itaú Chile and CorpBanca was concluded on April, 1st 2016. As from the second quarter of 2016, Itaú CorpBanca, the company

resulting from this merger, was consolidated in our financial statements, as we are the controlling shareholder of the new bank.

In order to allow comparison with previous periods, we are presenting historical pro forma data, that is, the combined result of Itaú Unibanco

and CorpBanca for the periods previous to the second quarter of 2016, in the Management Discussion & Analysis report and in this

presentation.

The pro forma statements above mentioned were prepared considering all lines of the income statement, including 100% of Itaú CorpBanca’s

result. The result related to the minority shareholders is shown in the “minority interests in subsidiaries” line, for both CorpBanca and Itaú

Chile.

As the data was prepared to demonstrate, on a retroactively basis, the effect of a transaction occurred in a subsequent date, there are limits inherent to

pro forma information. The data was provided for illustration purposes only and should not be taken as a demonstration of the result that would have

been achieved if the merger had occurred on a previous date, nor do they indicate any future result of the combined company.

Corpbanca Pro Forma Information

The consolidation of Citibank began on October 31, 2017, with impact on our net income in November and December 2017.

As from the first quarter of 2018, we have started to present Citibank’s operations in Brazil line by line in our managerial income statement.

For comparison purposes, we reprocessed the fourth quarter of 2017 to also present Citibank’s operations in Brazil in all lines of our managerial income statement (presented on a specific line in the 4Q17).

Consolidation of Citibank

Agenda

As of November 04, 2019

1. Our Profile

2. Corporate Governance

3. Business Overview

4. Financial Highlights

5. Information Technology

6. Itaú Unibanco in Capital Markets

7. Sustainability

Our Profile1

US$82.4 billion market cap (1)

96,764 employees in Brazil and abroad

4,704 branches and CSBs in Brazil and abroad

47,518 ATMs in Brazil and abroad

Around 55 million clients

Brazilian multinational bank

Major provider of finance for the expansion of Brazilian companies

In 2017 Itaú Unibanco was elected the The Best Company in People Management (by “Valor Carreira” magazine) and also recognized as a pro-ethics company (Pró-Ética), an initiative between the Office of the Comptroller General(2) with the private sector, which encourages the voluntary adoption of integrity measures and corruption prevention in the business sector, being the only financial institution among the companies approved.

Leading position in Brazil

Itaú Unibanco at a Glance

Global Footprint of Brazil’s Top Private Sector Bank | as of September 30, 2019

Financial Highlights and RatiosAs of and for the quarter ended September 2019

(1) As of September 30, 2019. Source: Economatica. (2) Controladoria-Geral da União (CGU).

Highlights

Total Assets R$1,738.3 Bn

Total Loans (1) R$689.0 Bn

Stockholders’ Equity R$125.7 Bn

Recurring Net Income 2018 (2) R$25.7 Bn

Recurring Net Income 3Q19 (3) R$7.2 Bn

Moody´s: Ba3Fitch: BBS&P: BB-

Financial Ratios

Recurring ROE 2018 (4)21.9%

Recurring ROE 3Q19 (5)23.5%

Efficiency Ratio 2018 (6) 47.6%

Efficiency Ratio 3Q19 (6) 45.5%

Liquidity Coverage Ratio 151.9%

Tier I Capital - BIS III 14.1%

Long Term Foreign Currency (Itaú Unibanco Holding)

(1) Includes financial guarantees provided and corporate securities. (2) Represents Net Income adjusted for certain non recurring events described in the 4Q18 MD&A – Executive Summary. (3) Represents Net Income adjusted for certain non recurring events described in the 3Q19 MD&A – Executive Summary. (4) Calculated using Recurring Net Income / Average Equity. For annualized calculation method, please refer to Historical Series Spreadsheet.(5) Calculated using Recurring Net Income / Average Equity. For annualized calculation method, please refer to the 3Q19 MD&A – Executive Summary.(6) See “Efficiency Ratio” slides in this presentation for criteria.

Our Vision

Vision:

To be the leading bank in sustainable performance and customer satisfaction

• Implement a customer satisfaction-oriented culture, that is business-driven, through a simplified operational structure

• Maximize shareholder returns, aiming at firm-wide growth

• We aspire to be the preferred bank for top talents at every level

• Attract and retain committed professionals with high ethical standards and strong organizational pride

• Shared leadership, conquered through talent and commitment to excellence, focused on meritocracy

• Create an atmosphere that inspires creativity, entrepreneurialism and the exchange of ideas

• Pursue a cutting-edge technology, striving to best serve our client needs, ultimately creating value

• Uphold the highest ethical standards in the relationship with clients, employees, regulators, society and the markets

Our Way

1. It’s only good for us if it’s good for the client

We are people providing service to people, with passion and excellence. We work with the client and for the client – because they are the

main reason behind why we do what we do.

2. We’re passionate about performance

Generating sustainable results is in our DNA. The continuous challenge of seeking leadership in performance has brought us to where we

are – and will continue guiding our company towards our objectives.

3. People mean everything to us

Everything we do is carried out by people. Talented people who enjoy working in a collaborative atmosphere, based on meritocracy and

high performance.

4. The best argument is the one that matters

We encourage a challenging work environment, which is open to questioning and constructive discussion. For us, the hierarchy which

counts is the hierarchy of the best idea.

5. Simple. Always

We believe that simplicity is the best path to efficiency. That’s why we strive not to mistake depth for complexity, and simplicity for

simplism.

6. We think and act like owners

We always think like business owners, leading by example and putting collective objectives before personal ambition.

7. Ethics are non-negotiable

We do what is right, without using shortcuts or devious ways to do business. We exercise leadership in a transparent and responsible way,

fully committed to society and the best governance and management practices.

Medium and Long-Term Strategic Agenda

Client Centricityto embrace this concept to the fullest in order to always

develop products and a “service culture” focused on client satisfaction and long-term relationships.

Risk Management to endeavor our efforts to fully comply with the Risk Appetite guidelines. Managing risks is the essence of our activity and a responsibility of all employees.

CORPORATE GOVERNANCE AND SUSTAINABILITYPERMEATE ALL EFFORTS ON KEY STRATEGIC OBJECTIVES

Digital Transformationto speed up our digital transformation process to

increase the productivity of IT area and spread a digital mindset throughout the bank to improve

efficiency, user experience and client satisfaction.

People Management to improve our incentive model and evaluation tools

to contemplate the new dynamics of cooperative work, making them effective to fairly assess

individual deliveries within cross-functional teams.

Internationalizationmoving forward in the internationalization process does not necessarily mean to take activities to new countries, but to reach, in the countries we are present in, the same management quality and results we have in Brazil.

Sustainable Profitabilityto continuously increase the efficiency of our operations, having the ability to identify opportunities to reduce costs, managing investments to gain agility, in addition to efficiently managing capital allocation through adequate cost of equity.

TRANSFORMATION CONTINUOUS IMPROVEMENT

Commitment to permanently improve corporate governance plays a vital role in protecting stakeholders’ interests.

We incorporate sustainability into our strategy through a consolidated governance structure that is integrated with our business, thus making environmental and social issues part of our everyday activities, by incorporating variables on these issues into diverse processes, such as credit granting,

investments, insurance activities, contracting of suppliers, and wealth management. We aim at creating a virtuous cycle on the path towards sustainable performance, which can only be met by collaborative work involving our main stakeholders: employees; clients; shareholders and society.

Itaú Unibanco Global Footprint

Itaú Unibanco has an important presence in key financial centers supported by a unique recognition and reputation.

We want to be recognized as: The Latin American Bank

CIB NY, Cayman, Bahamas

Institutional Clients / AssetNY, Cayman

Private BankingCayman, Bahamas, Miami

CIBBrazil, Argentina, Chile, Peru, Colombia, Uruguay, Paraguay, Panama

Institutional Clients / AssetBrazil, Argentina, Chile

Private BankingBrazil, Chile, Paraguay

Retail BankingBrazil, Argentina, Chile, Paraguay, Uruguay, Colombia, Panama

CIBLondon, Lisbon, Madrid, Paris, Frankfurt

Institutional Clients / Asset London

Private BankingZurich

CIB / Institutional Clients / AssetTokyo, Dubai

CIB / Institutional Clients Mexico

A History of Successful Strategic Deals 1

(1) Includes mergers, acquisitions, joint-ventures and partnerships.

Foundationof Banco

Itaú

Casa Moreira

Salles

Banco del Buen Ayre

BEG

Alliance with:

Unibanco

Itaú

1924

1943

1995 - 1998

NACIONAL

2000 - 2003 2004 - 20072009 - 2018

Uruguay Retail - Brazil

Acquisition of the minority interest of: Banco Itaú BMG Consignado

Acquisition of aminority interest in:

Merger 2008

Acquisition of the remaining 50% of:

Corporate Governance2

Corporate Governance at Itaú Unibanco

Itaú Unibanco Holding S.A.

63.27% ON18.57% PN

33.93% Total

36.73% ON81.43% PN

66.07% Total

51.71% ON26.31% Total

50.00% ON33.47% Total

100.00% Total

39.21% ON0.004% PN

19.95% Total

7.82% ON99.59% PN

52.89% Total

Non Voting SharesFree Float

Foreignersin NYSE

Foreignersin B3

Brazilianinvestors in B3

50.00% ON100.00% PN

66.53% Total

• Family ownership ensuring a long-term view

Strengths of our structure

• Professional management team

• Broad shareholder base (52.89% of our shares in free float)

• Strong corporate governance

Free Float* Egydio de SouzaAranha Family

Cia. E. Johnston de Participações

Moreira Salles Family

Itaúsa IUPAR Free Float*

Note: ON = Common Shares; PN = Non-voting Shares; (*) Excluding shares held by majority owners and treasury shares.

28%

39%

33%4.8 bn

(number of shares)

IUPAR (Itaú Unibanco Participações) and Itaú Unibanco Governance

ExecutiveCommittee

Implementation of Board of Directors’ guidelines and goals;Operation of the businesses and strategy for products and segments;Ensure better allocation and management of financial, operational and human resources;Monitoring of market, credit and operational risks;Operate the Bank with a view to creating value.

Itaú UnibancoBoard of Directors

Definition and monitoring of the company’s strategy;Mergers & acquisitions;Monitor the Executive Committee performance;Nomination of executive officers (meritocracy);Budget approval;Definition and supervision of risk appetite and policies relating to the use of capital;Definition and monitoring of incentive and compensation models and goal setting;Supervision of the technology strategy;Definition of meritocracy policies;Supervision of the business operation.

Alignment and union among shareholders;Group´s vision, mission and values;Significant mergers & acquisitions;Nominations to the Board of Directors and CEO;Performance evaluation and admission of family members;Discussion and approval of the long-term strategy.

IUPAR(Itaú UnibancoParticipações)

Value creation

Implementation of strategyand day-to-day management

Professional management

Establishment of operational parameters

Family control

with a strategiclong-term vision

Itaú Unibanco Board of Directors and Executive Committees

(1) Independent Director.

Boar

d of

Dir

ecto

rs

Chief Executive Officer (CEO)

• Large and Medium Corporates

• Asset Management• Institutional

Treasury • Private Bank• Custody• Latin America• Investment Banking

• Branches• Cards• REDE• Real Estate• Insurance• Vehicles• Consortia• Payroll

• IT• Operations• Procurement

• Risks• Finance

• Legal and Internal• Human Resources• Corporate Communication• Institutional and

Governmental Relations• Marketing• Sustainability

General Directors Executive Vice Presidents

Directors

Candido Botelho Bracher

Exec

utiv

e Co

mm

itte

es

Wholesale Retail IT and Operations Risks and Finance Legal and Human Resources

Pedro Moreira Salles

Co-Chairman Co- Chairman

Roberto Egydio Setubal

Marco Ambrogio Crespi Bonomi 1Pedro Luiz Bodin de Moraes 1Ricardo Villela Marino

Gustavo Jorge Laboissière Loyola 1João Moreira SallesJosé Galló 1

Alfredo Egydio SetubalAna Lúcia de Mattos Barretto VillelaFábio Colletti Barbosa 1

• Ombudsman

Risk Management Structure

Audit CommitteeGustavo Loyola 1

Capital and Risk Management Committee

Pedro Bodin 1

Executive Finance, Market Risk Control and Investor Relations Office

Operational Risk and Compliance Executive Office

Credit Risk, Modeling and Money Laundering Prevention Office.

3rd line of defenseIndependent review of the activities developed by the institution.

1st line of defenseManages risks originated by these offices; its role is to:

IdentifyAssess

ControlReport

2nd line of defenseEnsures that risks are managed according to:

Risk appetitePoliciesProcedures

Board of DirectorsPedro Moreira Salles

Roberto Egydio Setubal

Internal AuditPaulo Miron

General Wholesale Office

Caio David

General Retail Office

Marcio Schettini

Legal, Institutional and Personnel Dept.

Claudia Politanski

Technology and Operations Department

André Sapoznik

Risk and Finance Control and Management Department

Milton Maluhy

Itaú Unibanco HoldingPresident and CEOCandido Bracher

(1) Independent Director.

Governance Structure at Itaú Unibanco

Shareholder’s Meeting

Board of Directors

Fiscal Council

PersonnelCommittee

RelatedParties

Committee

Nominationand Corporate Governance Committee

Risk and Capital

Management Committee

Strategy Committee

Compensation Committee

LATAMStrategyCouncil

AuditCommittee

Board of Officers

Disclosure and Trading Committee

Internal Audit

Independent Audit

SocialResponsibility

Committee

DigitalAdvisory

Board

Credit Risk Policies Hierarchy

Board of Directors andCapital and Risk Management Committee

Defines and monitors Risk Appetite;

Approval of policies, strategies and definition of minimum expected return on capital;

Improvement of Risk Culture.

Defines a Global Policy;

Approves policies having the most significant impact on EC1 ;

Monitors Portfolio and Risk Appetite;

Credit Strategy.

Defines and approves policies having the less significant impact on EC1 .

(1) EC = Economic Capital.

Executive Committee

General Office and

Risk Dept.

Risk Appetite

Sustainability and customer satisfaction; Risk pricing; Operational excellence; Diversification; Risk Culture; Ethics and regulatory compliance.

Principles

Optimization of capital allocation; Low volatility in results; Regional focus; Alignment with “Our Way”; Diversification of businesses.

Statement Dimensions

Reputation; Liquidity; Capitalization; Operational Risk; Breakdown of results; Credit.

Credit Metrics

Concentration by countries

Concentration by industry

Highest credit VaR 1

Highest exposures

Exposure by ratingsConcentration by segments

Maximum PD 2

Defined by the Board of Directors

(1) VAR = Value at Risk; (2) PD = Probability of default.

Risk Appetite (as approved by the Board of Directors)

“We are a universal bank,

operating predominantly in

Latin America. Supported by

our risk culture, we operate

based on rigorous ethical

and regulatory compliance

standards, seeking high and

growing results, with low

volatility, by means of the

long-lasting relationship with

clients, correct price for risk,

well-distributed funding and

proper use of capital.”

Board of Directors Statement

The Risk Appetite...

o Sustainability and

customer satisfaction

o Risk culture

o Price for risk

o Diversification

o Operational excellence

o Ethics and respect for

regulation

It is based on

establishes the types and levels of risk acceptable to the bank, within which management seeks to maximize value creation.

Principles of Risk Management

Guided by the and monitored by 43 metrics inserted in the day-to-day of business management

Capitalization• Capital ratios in normal and stress situations• Debt issuance ratings

Liquidity• Short and mid-term liquidity indicators

Results Composition• Largest credit risk• Largest exposures and by rating brackets• Concentration by sectors, countries and segments• Concentration of market risk

Operational Risk• Operational losses events• Information technology

Reputation• Suitability indicators• Media Exposure• Customer complaint tracking• Regulatory compliance

Dim

ensi

ons

v

Retail Management – Individuals and Small and Middle Companies

100 100 102 98 114 94 123 89 128 88 148 88 153 88

100 100 104 101 102 95 101 89 106 90 112 99 124 94

115 91 115 91 116 92 130 93 148 88 157 81 167 79

110 91 112 102 114 97 113 92 118 96 121 77 130 91

114 86 118 87 134 79 136 74 169 72 166 67 179 65

114 82 122 99 127 85 130 77 142 115 173 73 155 65

Lowest risk Highest RiskRisk Level

Fictitious figures (Basis 100 = lowest risk cell).

STATISTICAL MODELS

Higher risk

Management tool (tightening and easing credit standards)Data adjusted to expected future macroeconomic scenario

POLI

CY

Varia

bles

that

di

stin

guis

hes

risk

Default Rate

Loss/Revenue

RAROC (Risk Adjusted Return on Capital)

ROE (Return on Equity)

116 92

114 97

Credit Offer Based on Future Scenario

Credit Not Available

STATISTICAL MODELS

POLI

CY

Highest risk

Lowest risk

Highest risk

Positive future expectation Negative future expectation

Tightening of credit, maintaining the same appetite

Easing of credit, maintaining the same appetite

Base Scenario

Credit Available


Credit Available


Risk Level

Credit Available

Risk Level Risk Level

POLI

CY


Business Overview3

Universal Bank 1

RETAIL BANKING WHOLESALE BANKING

UNIVERSAL BANK

RETAIL AND REAL

ESTATE CREDITCREDIT

CARD AND CONSUMER

FINANCE

VEHICLES

INSURANCE²

SMALL COMPANY

MIDDLE COMPANY

WEALTH MANAGEMENT

SERVICES

LATAM

ITAÚ BBA (CORPORATE,

IB AND TREASURY)

ITAÚ BBA

Full coverage of corporate clients with annual sales above R$ 200 million;

Leadership in IB products with top positions in major league tables;

Treasury operations for the conglomerate.

LATAM

Purpose: to be recognized as “The Latin American Bank”;

Retail presence in Latin America (ex-Brazil): Argentina, Chile,

Paraguay, Uruguay,Colombia, Panama.

WEALTH MANAGEMENTAND SERVICES

Total assets under administration of approximately R$1,317 billions;

Leader in Private bankingservices in Latin America.

MIDDLE COMPANY

Corporate clients with annual salesfrom R$30 million to R$200 million.

RETAIL AND REAL ESTATE CREDIT

4,201 branches and client service branches and 46,356 ATMs in Brazil;

Premier banking brand in Brazil;

Strategically positioned for growth in mortgage market(partnerships with Lopes).

CREDIT CARD AND CONSUMER FINANCE

Approximately 34.1 million credit card accountsand 29.8 million debit card accounts;

Leader in Brazilian credit card market, extensive number of joint ventures and partnershipswith retailers.

VEHICLES

Total portfolio for individuals of R$18.0 billion;

Lease and finance through over 12 thousand dealers.

INSURANCE OPERATIONS

One of the largest players in Brazil based on direct premiums;

Association with Porto Seguro for auto and residential insurance;

Revenues from Insurance, Pension Plan and Premium Bonds Operations reached R$1.9 billion in 3Q19.

SMALL COMPANY

Small and Medium Enterprises with annual sales up to R$30 million.

(1) September 30, 2019 figures; (2) Includes Insurance, Pension Plan and Premium Bond operations.

Clients

55 million clientsWe are a bank with

openings

+closures

-

+ 43% accounts openedcompared to 2016

- 29% closures and inactive accountscompared to 2016, in line with the improvedcredit quality of our portfolio

openingsclosures2

8 points

In the last 12 months

Individual account holders1

Total80% are more than

5-year-old accounts

New accountholders

Clients moresatisfied

Global NPS

55% are under30 years old

(1) Individual account holders does not include savings accounts, salary accounts and INSS(Social Security National Institute) accounts; (2) Includes closures and inactivation discounted from reactivation; (3) Individual account holders in September 2019 and closures and openings from the last 12 months.

18.0 18.419.7

20.9

2016 2017 2018 Sep‐193

2.8

4.0

3.3

2.4

Client Segmentation

Individuals Segmentationby monthly income

Companies Segmentationby annual sales

Who

lesa

le B

anki

ngRe

tail

Bank

ing

Private Bank>R$5 million in total investment

Personnalité>R$10 thousand or >R$100 thousand in total investments

Uniclass>R$4 thousand up to R$10 thousand

Retailup to R$4 thousand

Very Small andSmall Companies

up to R$30 million

Middle>R$30 million up to R$200 million

Corporate>R$200 million up to R$400 million

Large>R$400 million up to R$4 billion or >R$200 million debt*

Ultraover R$4 billion or >R$750 million debt*

*total exposure, includes financial guarantees provided and corporate securities.

718 703 704 697 700 703 691 686 675

3,523 3,591 3,587 3,531 3,531 3,530 3,527 3,332 3,330

156 160 160 160 173 195 195 196 196

4,397 4,454 4,451 4,388 4,404 4,428 4,413 4,214 4,201


CSB Brick and Mortar Branches Digital Branches

23,940 23,954 23,853 23,760 23,680 23,660 23,590 22,701 22,598

20,937 21,195 21,423 22,086 22,431 23,049 22,605 23,053 23,173

617 613 608 610 598 592 589 584 5858 7 7 7 3

45,502 45,769 45,891 46,463 46,71247,301 46,784 46,338 46,356


Brazil Banco 24Horas ESB Third Party Locations

Retail in Brazil

Presence in Brazil 1 (As of September 30, 2019)

North

Northeast

Midwest

Southeast

South

Brazil: 4,187

Abroad + IBBA: 517

Total: 4,704

(1) Considers Brick and Mortar Branches, digital branches and CSBs; (2) Does not include points of sale; (3) Includes Electronic Service Branches (such as exclusive ATMs inside companies); (4) Client Service Branches (CSBs); (5) Points of service in third-parties’ establishments (such as shopping centers and airports); (6) Points of service include only Client Service Branches (CSBs); (7) Includes Itaú BBA branches.

543

Automated Teller Machines (ATMs) in Brazil 2

Branches and Client Service Branches (CSB) in Brazil 6,7

298

109

314

631

2,835

Retail - Credit Cards, Joint Ventures and Partnerships with Retailers in Brazil

Highlights

JVs and Partnerships

• Focus on credit card instruments;

• Long term agreements;

• Alignment of incentives.

• Brazilian market leader in credit card transactions;

• Qualification of the client base: proprietary channel x partnerships;

• Credit card business comprises:

• Issuance of cards;

• Acquiring: REDE;

• JVs and partnership with retailers;

• Own brand: Hiper;

• Approximately 63.9 million card accounts (3Q19):

• 34.1 million credit card accounts;

• 29.8 million debit card accounts;

• R$ 133.3 billion in card transactions (3Q19):

• R$ 101.3 billion in credit card transactions;

• R$ 32.0 billion in debit card transactions;

• High growth potential in credit card usage in Brazil.

Highlights

Retail - Cards in Brazil | Growing Penetration in Household Consumption Expenditure

Credit and Debit Cards Billed Volume % at Household Consumption Expenditure

Sources: ABECS (Brazilian Credit Card Companies Association) and IBGE (Statistics and Geography Brazilian Institute) . Only the purchase volume is considered in the cards billing.

19.7% 20.3% 21.6% 21.1% 21.6% 22.1% 23.4% 23.4% 24.2%

11.7% 12.1%13.3% 12.7% 12.5% 13.0%

14.6% 13.7% 13.7%31.4% 32.4%

34.9% 33.8% 34.1% 35.1%38.0% 37.1% 37.9%

2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Credit Card Debit Card

44.6 44.4 44.7 45.4 46.0 46.7 48.6 49.1 49.3

39% 40% 41% 41% 41% 41% 41% 42% 43%

61% 60% 59% 59% 59% 59% 59% 58% 57%


Branches Itaú Consignado S.A.

32.6 32.8 33.5 34.6 35.5 36.5 38.5 38.8 39.0

7.6 7.0 6.4 5.9 5.5 5.1 4.8 4.5 4.24.4 4.7 4.8 4.9 4.9 5.1 5.4 5.8 6.244.6 44.4 44.7 45.4 46.0 46.748.6 49.1 49.3


INSS Public Sector Private Sector

13%

8%

79%

Private Sector Public Sector INSS

55% 62% 62% 63% 64% 63% 62% 62% 60%

36% 38% 38% 37% 36% 37% 38% 38% 40%

Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19

Payroll Other - Personal Loan

R$ billion

Retail - Payroll Loan in Brazil

Composition of Payroll Loans Portfolio by Origination Composition of Personal Loans Portfolio

Composition of Payroll Loans Portfolio by SectorEvolution of Payroll Loan PortfolioR$ billion

7.4%0.5%

86.0% 89.3% 90.1%

14.0% 10.7% 9.9%

47,953 49,244 49,776

Sep-18 Jun-19 Sep-19

Individuals Companies

57.9% 59.7% 60.6%

38.4% 38.7% 38.8%


Vintage (quarterly average) Portfolio

Real Estate Brokers

31%

High Income Branches

27%

Developers15%

Regular Branches

13%

Partnerships14%

Distribution Channels for Individuals Balance

Retail - Mortgage Market in Brazil

Mortgage Loans EvolutionR$ million

Average Ticket and Average Origination TermCollaterals (LTV)(Loan to value ratio)

(1) Average Operation Period for new developers contracts; (2) Value determined using monthly financing average ticket and quarterly average LTV. Production source: ABECIP.

As of September 2019

3Q19

Average operation period ¹ 322 monthsAverage value of the Property ² R$523 thousandFinancing Average Ticket R$315 thousand

3.8%

2,799 3,243

791 2,059

3,589 5,302

3Q18 3Q19

Individuals Corporate

100 109

68

54 49

43 35 36

2012 2013 2014 2015 2016 2017 2018 Sep-19

15,228 17,970

3,575

7,308 18,803

25,277

3Q18 3Q19

Individuals Corporate

Retail - Vehicle Financing in Brazil

• Growth of 47.7% in production (QoQ);• Offers finance through over 12 thousand dealers;• Average ticket size of the new vehicle concessions to individuals of R$35.8

thousand with LTV of 58% in the 3Q19;• 77.15% of the financing is guaranteed up to 4 years;• 85.91% of the financing are made up to 48 months;

• Facial Recognition: Implantation of Facial Biometry, guaranteeingsecurity in the contracting process;

• Novo Credline: a redesigned proposal origination platform, offers asimple and renewed digital experience with mobile version;

• Digital Platform: allows more agility, autonomy and efficiency for storesand dealers;

• iCarros: platform that applies innovative technologies and data analysisto solutions that help dealers make their sales processes more efficient;

• iCarros Club: B2B trade-in platform for used vehicles with biddingfeatures and online purchase, allows contact between sellers and buyers,guarantees the best offer for the vehicle, through more than 8,000 dealersall over Brazil;

• Digital Contracting: digital contracting integrated to iCarros platformand can connect to other e-commerce as dealers websites;

• Digital Assistant: online credit analysis and approval platform.Automatically qualifies customer purchase interest via Internet or mobile,without additional cost;

• Compra e Venda Protegida: this product mediates between the partiesinvolved making trading safer;

• Financing of Accessories and Services: credit line for financing ofaccessories and services, already embedded in the vehicles installment.

Individuals Portfolio

90-day NPL Ratio | Individuals - Vehicles

Main Products and Services:

Highlights:

Base 100 = Dec-12

Individuals and Corporate Loans Granted

34.4%R$ million R$ million

47.7%

Retail - Insurance Ranking in Brazil 1,2

(1) Source SUSEP, date: Aug/19, includes our 30% interest in Porto Seguro. Doesn´t consider Health and VGBL is consider in Pension Plans; (2) Insurance = Earned Premiums; Pension Plans = Provision for Benefits to be Granted and Premium Bonds = Revenues from Premium Bonds; (3) Recurring insurance activities and other activities; (4) Recurring insurance activities include: Personal Insurance (Life, Personal Accidents, Unemployment, Funeral Allowance, Serious Diseases, Random Events, Credit Life), Housing, Homeowners, Multiple Peril and Travel; (5) Considers only Porto Seguro numbers; (6) Other activities include: Extended Warranty,Large Risks, DPVAT and IRB; (7) The sale of this portfolio has been concluded on October 31, 2014.

jan-aug/19 jan-aug/18 Model

Total Insurance 3 4th 4th

Recurring Insurance Activities 4 5th 5th

Life & Personal Accidents 2nd 2nd Bancassurance

Credit Insurance 6th 6th Bancassurance

Pension Plan 3rd 3rd Bancassurance

Premium Bonds 5th 3rd Bancassurance

Porto Seguro 3rd 3rd

Vehicles 5 Leader: Porto Seguro Leader: Porto Seguro Broker

Residential 5 Leader: Porto Seguro Leader: Porto Seguro Broker

Other Insurance Activities 6 6th 5th

Large Risks 7

Health Insurance We do not offer this product.

We do not offer this product.

Retail - Association with Porto Seguro

• Unification of residential and automobile insurance

operations;

• Exclusive offer and distribution of residential and

automobile insurance products to Itaú Unibanco’s

customers in Brazil and Uruguay;

• Itaú Unibanco Holding nominates 2 of 5 board of directors

members of PSIUPAR and 2 of 7 board of directors

members of PSSA.

Association’s Structure

Controlling stockholders of Porto Seguro Itaú Unibanco

PSIUPAR Market

Porto Seguro S.A. (PSSA)

Subsidiaries Porto Seguro S.A. Itaú Seguros de Auto e Residência S.A (ISAR)

57.07% 42.93%

69.88% 30.12%

99.99% 100.0%

Highlights

Very Small, Small and Middle Market in Brazil

SMEs Loan Portfolio 1R$ million

Full range of financial products and services, including deposits accounts, investment options, insurance, cash management, credit

products and collection, among others.

Very Small and Small Market

• Clients with annual revenues up to R$30 million.

Middle Market

• This sub-segment serves approximately 28 thousand clients (economic groups) with annual revenues between R$30 million

and R$200 million.

• Focus on high-rating clients, and 93% of loans are granted to clients rated B3 or better.

(1) Includes financial guarantees provided.

79,649 75,433 72,002 68,974 61,547 61,869

70,795 74,137 78,088 84,043

2012 2013 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19

Highlights

Wholesale - Corporate Companies in Brazil

Corporate Loans 1

• Corporate clients with annual sales above R$200 million.

• We offer a broad portfolio of banking products and services, from cash management to structured operations and transactions in

capital markets.

• We serve approximately 5,900 large corporate groups and also more than 190 financial institutions.

Highlights

163,437 194,472

213,815 219,418 181,541

165,052 153,302 152,625 151,425 156,975

2012 2013 2014 2015 2016 2017 2018 1Q19 2Q19 3Q19

(1) Includes financial guarantees provided.

R$ million

(1) Source: Dealogic; (2) Source: ANBIMA – Brazilian association of Financial and Capital Markets Entities. Information from Sep-19; (3) Source: Cetip. Information from Sep-19.

Wholesale - Corporate and Investment Banking | Leadership Position in Brazil

Wholesale Banking

MiddleAnnual revenues from R$30 MM up to

R$200 MM

Markets, Products & PlanningTreasury operations for the conglomerate

LatAmPresence in all banking segments in Latin

America

WMSLarge range of customized wealth

management and investments solutions

Investment BankingLeadership position and client recognition

3Q19 2018 2017

M&A¹ 2nd 1st 1st

Local ECM¹ 1st 1st 1st

Local DCM² 1st 1st 1st

International DCM¹ 4th 6th 6th

Derivatives Total3 1st 1st 1st

Fixed IncomeUntil September 2019, we maintained the leadership in the distribution ranking of Anbima, with a distributed volume of R$30.3 billion.

Mergers and AcquisitionsIn 9M19, our Merger and Acquisition operation provided financial advisory in 28 transactions totaling US$11.6 billion.

Project FinanceIn 9M19, we served as advisor and/or creditor of approximately R$8.2 billion in financing to 47 different infrastructure projects in different sectors.

Investment Banking

Ranking

Corporate BankingAnnual revenues over R$200 MM

Wholesale - Wealth Management Services | Brazil

R$ billion

With a full global wealth management platform, leadership position in Brazil.We have been recognized by the world’s top international Private Banking market publications:

Private Banker International• Outstanding Global Private Bank - Latin America, 2018

The Banker• Best Private Bank in Brazil, 2018

Asset ManagementIn September 2019, we reached R$745.61 billion in assets under management, accounting for 14.2% of the market.

KineaIt is an independent platform of management of differentiated investments. With R$64.2 billion in assets as of September 2019, it operates in the segments of Multi-Markets, Real Estate, Pension Plan and Private Equity, Stock and Infrastructure.

(1) Source: ANBIMA (Brazilian Financial and Capital Markets Association) – September 2019. Considers Itaú Unibanco and Intrag.

Local Custody: we ended September with R$1,452 billion under custody (+12.5% from the same period of 2018).

International Custody: we ended September with R$179.8 billion under custody (-8.0% from the volume under custody in the same period of 2018).

Corporate Solutions: we are leaders in the bookkeeping of shares, providing services to 184 companies listed on B3, representing 57.1% of the total market, and in the bookkeeping of debentures, acting as thebookkeeper of 351 (32.4%) issues.

Investment Product management for the conglomerate and a full range of investment options to Retail Banking.

Asset Management

Securities Services

Private Banking

922 946 1,002 1,025 1,068 1,107 1,135 1,176

1,290


Evolution of Assets Under Administration

Employees: 1,655 Branches + CSBs: 85

ATMs: 176

Argentina

Employees: 5,645Branches + CSBs: 194

ATMs: 458

Chile

Employees: 83,536Branches + CSBs: 4,201ATMs: 46,356

Brazil

Colombia1

Employees: 3,416Branches + CSBs: 153

ATMs: 170

Employees: 1,111Branches + CSBs: 27Points of Service OCA: 35ATMs: 60

Uruguay

Retail Footprint in Latin America | September 2019

CIB

Retail and Wholesale

Mexico

(1) Considers employees and branches from Panama.

Employees: 867Branches + CSBs: 44ATMs: 298Non-Bank Correspondents : 57

Paraguay

Panama

PeruRepresentative

Office

Segments – Income Statement Pro Forma 3Q19

Note: Non-interest Expenses item includes Personnel Expenses, Administrative Expenses, Other Tax Expenses and Operating Expenses.

In R$ millionsRetail Banking Wholesale Banking

Activities with the Market + Corporation

Itaú Unibanco

Operating Revenues 20,215 7,580 2,462 30,257

Managerial Financial Margin 12,131 4,661 2,279 19,071

Financial Margin with Clients 12,131 4,661 829 17,621

Financial Margin with the Market - - 1,450 1,450

Commissions and Fees 6,308 2,804 155 9,267

Result from Insurance, Pension Plans and Premium Bonds Operations before Retained Claims and Selling Expenses 1,777 115 28 1,920

Cost of Credit (4,238) (257) (0) (4,495)

Provision for Loan Losses (4,461) (461) (0) (4,922)

Impairment - (70) - (70)

Discounts Granted (334) 34 - (300)

Recovery of Loans Written Off as Losses 557 239 - 796

Retained Claims (321) (18) - (338)

Other Operating Expenses (10,541) (3,858) (174) (14,573)

Non-interest Expenses (9,254) (3,489) (54) (12,796)

Tax Expenses for ISS, PIS, Cofins and Other Taxes (1,282) (368) (121) (1,771)

Insurance Selling Expenses (5) (1) 0 (6)

Income before Tax and Minority Interests 5,116 3,447 2,288 10,851

Income Tax and Social Contribution (1,768) (1,055) (692) (3,516)

Minority Interests in Subsidiaries (37) (130) (12) (179)

Recurring Net Income 3,311 2,262 1,584 7,156

Recurring Return on Average Allocated Capital 33.2% 20.0% 17.2% 23.5%Efficiency Ratio (ER) 49.7% 48.5% 2.3% 45.5%Risk-Adjusted Efficiency Ratio (RAER) 72.5% 52.1% 2.3% 61.4%

Financial Highlights4

Highlights

Recurring Net Income Recurring ROE

Cost of Credit Non-Interest Expenses

1.7 %

11.1 %

10.5 %

1.0 %

1.5 %

Financial Margin with Clients

4.4 %

4.7 %

Comission, Fees and Insurance Results2

1.0 %

1.2%

6.53Q18

6.54Q18

6.91Q19

7.02Q19

7.2

3Q19

21.3 21.8 23.6 23.5 23.5

16.2 16.2 16.4 16.9 17.6 10.2 10.8 10.2 10.7 10.8 3.3 3.4 3.8 4.0 4.5 12.6 12.8 12.1 12.7 12.8

NPL 90 days

2.9 2.9 3.0 2.9 2.9

Credit1

636.4 636.9 647.1 659.7 689.0

4.4 %

4.9 %

(1) Total with Financial Guarantees provided and Corporate Securities. (2) Results from Insurance (-) Claims Expenses (-) Insurance Selling Expenses.

Consolidated

R$7.2 bnBrazil

R$6.8 bn

Consolidated

23.5%Brazil

24.6%

Consolidated

R$4.5 bnBrazil

R$3.9 bn

Consolidated

R$12.8 bnBrazil

R$11.1 bn

Consolidated

R$17.6 bnBrazil

R$15.8 bn

Consolidated

R$10.8 bnBrazil

R$10.1 bn

Consolidated

2.9%Brasil

3.4%

Consolidated

R$689.0 bn

Brasil

R$518.0 bn2.0 %

3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19

-10 bps

3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19

3Q19 vs. 2Q19 3Q19 vs. 2Q19 3Q19 vs. 2Q19 3Q19 vs. 2Q19

3Q19 vs. 2Q19 3Q19 vs. 2Q19 3Q19 vs. 2Q19 3Q19 vs. 2Q19

stable

stable

stable

2019 Forecast

Total Credit Portfolio ²


Financial Margin with the Market

Cost of Credit ³

Commissions and Fees and Results from Insurance Operations 4

Non-Interest Expenses

Effective Tax Rate

Consolidated Brazil ¹

8.0% 11.0%

9.0% 12.0%

R$4.6 bn R$5.6 bn

R$14.5 bn R$17.5 bn

2.0% 5.0%

3.0% 6.0%

31.0% 33.0%

8.0% 11.0%

9.0% 12.0%

R$3.6 bn R$4.6 bn

R$12.5 bn R$15.5 bn

2.0% 5.0%

3.5% 6.5%

32.0% 34.0%

(1) Includes units abroad ex-Latin America; (2) Includes financial guarantees provided and corporate securities; (3) Composed of Result from Loan Losses, Impairment and Discounts Granted; (4) Commissions and Fees (+) Income from Insurance, Pension Plan and Premium Bonds Operations (-) Expenses for Claims (-) Insurance, Pension Plan and Premium Bonds Selling Expenses.

4.3 4.5 4.0 3.9 3.8

2.2 2.0 2.9 3.2 3.3

6.5 6.5 6.9 7.0 7.2

21.3% 21.8% 23.6% 23.5% 23.5%

14.5% 14.5% 13.5% 13.0% 12.5%

3Q18 4Q18 1Q19 2Q19 3Q19

Recurring Net Income and Value Creation

Value Creation

ROE

Average Cost of Capital

Recurring Net Income

Cost of CapitalIn R

$ bi

llion

Income Statement | Operating Revenues Perspective

In R$ millions 3Q19 2Q19 3Q18 9M19 9M19

Operating Revenues 30,257 29,492 2.6% 27,899 8.5% 87,957 83,345 5.5%

Managerial Financial Margin 19,071 18,451 3.4% 17,408 9.6% 55,191 51,702 6.7% Financial Margin with Clients 17,621 16,879 4.4% 16,152 9.1% 50,924 47,366 7.5% Financial Margin with the Market 1,450 1,572 -7.8% 1,257 15.4% 4,266 4,337 -1.6%

Commissions and Fees 9,267 9,063 2.2% 8,632 7.3% 26,951 25,887 4.1% Result from Insurance, Pension Plan and Premium Bonds Operations Before Retained Claims and Selling Expenses

1,920 1,978 -3.0% 1,858 3.3% 5,815 5,756 1.0%

Cost of Credit (4,495) (4,044) 11.1% (3,263) 37.8% (12,343) (10,651) 15.9% Provision for Loan Losses (4,922) (4,407) 11.7% (3,904) 26.1% (13,535) (12,287) 10.2% Impairment (70) (43) 63.1% (89) -21.4% (142) (277) -48.7% Discounts Granted (300) (390) -23.1% (285) 5.3% (998) (842) 18.5% Recovery of Loans Written Off as Losses 796 795 0.1% 1,015 -21.6% 2,332 2,755 -15.4%

Retained Claims (338) (297) 13.9% (320) 5.9% (935) (934) 0.1% Other Operating Expenses (14,573) (14,432) 1.0% (14,286) 2.0% (42,847) (41,602) 3.0%

Non-interest Expenses (12,796) (12,669) 1.0% (12,646) 1.2% (37,615) (36,583) 2.8% Tax Expenses for ISS, PIS, Cofins and Other Taxes (1,771) (1,758) 0.7% (1,622) 9.2% (5,209) (4,964) 4.9% Insurance Selling Expenses (6) (6) 6.7% (18) -67.3% (23) (55) -57.6%

Income before Tax and Minority Interests 10,851 10,718 1.2% 10,031 8.2% 31,832 30,158 5.6% Income Tax and Social Contribution (3,516) (3,408) 3.2% (3,422) 2.7% (10,112) (10,379) -2.6% Minority Interests in Subsidiaries (179) (277) -35.4% (155) 15.2% (653) (524) 24.7% Recurring Net Income 7,156 7,034 1.7% 6,454 10.9% 21,067 19,255 9.4%

Income Statement | Managerial Financial Margin Perspective

In R$ millions 3Q19 2Q19 3Q18 9M19 9M18

Managerial Financial Margin 19,071 18,451 3.4% 17,408 9.6% 55,191 51,702 6.7% Financial Margin with Clients 17,621 16,879 4.4% 16,152 9.1% 50,924 47,366 7.5% Financial Margin with the Market 1,450 1,572 -7.8% 1,257 15.4% 4,266 4,337 -1.6%

Cost of Credit (4,495) (4,044) 11.1% (3,263) 37.8% (12,343) (10,651) 15.9% Provision for Loan Losses (4,922) (4,407) 11.7% (3,904) 26.1% (13,535) (12,287) 10.2% Impairment (70) (43) 63.1% (89) -21.4% (142) (277) -48.7% Discounts Granted (300) (390) -23.1% (285) 5.3% (998) (842) 18.5% Recovery of Loans Written Off as Losses 796 795 0.1% 1,015 -21.6% 2,332 2,755 -15.4%

Net Result from Financial Operations 14,576 14,407 1.2% 14,145 3.0% 42,848 41,052 4.4% Other Operating Income(Expenses) (3,726) (3,688) 1.0% (4,115) -9.5% (11,015) (10,893) 1.1%

Commissions and Fees 9,267 9,063 2.2% 8,632 7.3% 26,951 25,887 4.1% Result from Insurance, Pension Plan and Premium Bonds Operations 1,575 1,675 -6.0% 1,521 3.6% 4,857 4,767 1.9% Non-interest Expenses (12,796) (12,669) 1.0% (12,646) 1.2% (37,615) (36,583) 2.8% Tax Expenses for ISS, PIS, Cofins and Other Taxes (1,771) (1,758) 0.7% (1,622) 9.2% (5,209) (4,964) 4.9%

Income before Tax and Minority Interests 10,851 10,718 1.2% 10,031 8.2% 31,832 30,158 5.6% Income Tax and Social Contribution (3,516) (3,408) 3.2% (3,422) 2.7% (10,112) (10,379) -2.6% Minority Interests in Subsidiaries (179) (277) -35.4% (155) 15.2% (653) (524) 24.7% Recurring Net Income 7,156 7,034 1.7% 6,454 10.9% 21,067 19,255 9.4%

In R$ millionsConsolidated Brazil 1

Latin America

(ex-Brazil)Consolidated Brazil 1

Latin America

(ex-Brazil)Consolidated Brazil 1

Latin America

(ex-Brazil)

Operating Revenues 87,957 79,143 8,815 83,345 75,070 8,275 5.5% 5.4% 6.5%

Managerial Financial Margin 55,191 48,654 6,537 51,702 45,680 6,023 6.7% 6.5% 8.5%

Financial Margin with Clients 50,924 45,625 5,299 47,366 42,372 4,994 7.5% 7.7% 6.1%

Financial Margin with the Market 4,266 3,029 1,238 4,337 3,308 1,028 -1.6% -8.4% 20.4%

Commissions and Fees 26,951 24,769 2,183 25,887 23,747 2,140 4.1% 4.3% 2.0%

Revenues from Insurance 2 5,815 5,720 95 5,756 5,643 113 1.0% 1.4% -15.6%

Cost of Credit (12,343) (10,868) (1,475) (10,651) (9,237) (1,414) 15.9% 17.7% 4.4%

Provision for Loan Losses (13,535) (11,840) (1,695) (12,287) (10,598) (1,689) 10.2% 11.7% 0.4%

Impairment (142) (142) - (277) (277) - -48.7% -48.7% -

Discounts Granted (998) (957) (41) (842) (837) (6) 18.5% 14.3% 641.9%

Recovery of Loans Written Off as Losses 2,332 2,071 261 2,755 2,475 281 -15.4% -16.3% -7.1%

Retained Claims (935) (901) (34) (934) (883) (51) 0.1% 2.0% -32.9%

Other Operating Expenses (42,847) (37,656) (5,191) (41,602) (36,407) (5,196) 3.0% 3.4% -0.1%

Non-interest Expenses (37,615) (32,508) (5,107) (36,583) (31,462) (5,121) 2.8% 3.3% -0.3%

Tax Expenses and Other 3 (5,232) (5,148) (84) (5,019) (4,944) (74) 4.2% 4.1% 12.6%

Income before Tax and Minority Interests 31,832 29,718 2,114 30,158 28,544 1,614 5.6% 4.1% 30.9%

Income Tax and Social Contribution (10,112) (9,565) (547) (10,379) (10,024) (355) -2.6% -4.6% 54.0%

Minority Interests in Subsidiaries (653) (186) (467) (524) (151) (373) 24.7% 23.2% 25.3%

Recurring Net Income 21,067 19,967 1,100 19,255 18,369 886 9.4% 8.7% 24.1%

9M19 9M18

Results – Brazil and Latin America

(1) Includes units abroad ex-Latin America.

(2) Result from Insurance includes the Result from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses.

(3) Include Tax Expenses (ISS, PIS, COFINS and other) and Insurance Selling Expenses.

Note: Latin America information is presented in nominal currency.

Business Model

(1) Result from Insurance includes the Result from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses.(2) Include Tax Expenses (ISS, PIS, COFINS and other), Insurance Selling Expenses and Minority Interests in Subsidiaries.

In R$ billions

Consolidated Credit TradingInsurance & Services

Excess Capital


Excess Capital


Excess Capital

Operating Revenues 88.0 46.8 1.2 38.9 1.1 83.3 42.9 1.4 37.7 1.3 4.6 3.8 (0.2) 1.2 (0.2)

Managerial Financial Margin 55.2 37.7 1.2 15.2 1.1 51.7 34.5 1.3 14.6 1.3 3.5 3.3 (0.2) 0.6 (0.2)

Commissions and Fees 27.0 9.0 0.0 17.9 - 25.9 8.5 0.0 17.4 - 1.1 0.6 (0.0) 0.5 -

Revenues from Insurance ¹ 5.8 - - 5.8 - 5.8 - - 5.8 - 0.1 - - 0.1 -

Cost of Credit (12.3) (12.3) - - - (10.7) (10.7) - - - (1.7) (1.7) - - -

Retained Claims (0.9) - - (0.9) - (0.9) - - (0.9) - (0.0) - - (0.0) -

Non-Interested Expenses and Other Expenses ²

(43.5) (21.4) (0.6) (21.5) (0.1) (42.1) (20.3) (0.8) (21.0) (0.1) (1.4) (1.1) 0.2 (0.5) 0.0

Recurring Net Income 21.1 9.0 0.4 10.8 0.9 19.3 7.0 0.4 10.6 1.3 1.8 2.0 (0.0) 0.2 (0.4)

Average Regulatory Capital 124.1 63.4 1.5 40.5 18.7 121.8 62.1 1.6 37.0 21.2 2.2 1.4 (0.0) 3.4 (2.5)

Value Creation 9.4 3.0 0.3 7.0 (0.9) 7.2 0.8 0.3 7.0 (0.8) 2.2 2.1 0.0 0.1 (0.1)

Recurring ROE 23.5% 18.9% 33.5% 35.6% 6.3% 21.7% 15.0% 35.0% 38.2% 7.9% 180 bps 390 bps -150 bps -260 bps -170 bps

9M19 9M18 Δ

Credit Portfolio with Financial Guarantees Provided and Corporate Securities

Credit origination¹

TotalBrazil ²

Individuals

Very Small, Small and

Middle Market

Corporate

1st place in the ANBIMA

ranking

29%

31%

34%

25%

R$47.5 bn

3Q19 vs. 3Q18

Year (9M19)

Private securities issuance 3

Note: Does not consider origination of Credit Card, Overdraft, Debt Renegotiation and other revolving credits. (1) Average origination per working day in the period, except for private securities issuance. (2) Does not include private securities issuance. (3) Source: ANBIMA (Brazilian Financial and Capital Markets Association). Considers total volume of fixed income and hybrid private securities issuance arranged by Itaú Unibanco on the local market (includes distributed volumes).

In R$ billions, end of period 3Q19 2Q19 3Q18 Individuals 229.7 222.3 3.3% 200.0 14.9%

Credit Card Loans 83.3 79.3 5.1% 68.7 21.4%

Personal Loans 34.2 32.8 4.5% 28.9 18.5%

Payroll Loans 49.3 49.1 0.5% 46.0 7.4%

Vehicle Loans 18.0 17.2 4.5% 15.2 18.0%

Mortgage Loans 44.8 44.0 2.0% 41.2 8.7%

Very Small, Small and Middle Market Loans 84.0 78.1 7.6% 67.5 24.5%

Individuals + Very Small, Small and Middle Market Loans

313.8 300.4 4.5% 267.5 17.3%

Corporate Loans 204.2 193.6 5.5% 196.3 4.1%

Credit Operations 157.0 151.4 3.7% 159.9 -1.9%

Corporate Securities 47.3 42.2 12.1% 36.3 30.1%

Total Brazil 518.0 494.0 4.9% 463.7 11.7%

Latin America 171.0 165.7 3.2% 172.7 -1.0%

Total with Financial Guarantees provided and Corporate Securities

689.0 659.7 4.4% 636.4 8.3%

Credit Portfolio by Product

(1) Includes units abroad ex-Latin America; (2) Includes operations originated by the institution and acquired operations; (3) Also includes Overdraft, Receivables, Hot Money, Leasing, and other; (4) Includes Argentina, Chile, Colombia, Panama, Paraguay and Uruguay; (5) Includes Debentures, CRI and Commercial Paper.

In R$ billions, end of period 3Q19 2Q19 3Q18

Individuals - Brazil 1 229.0 221.5 3.4% 199.1 15.0%

Credit Card 83.3 79.3 5.1% 68.7 21.4%

Personal Loans 33.4 31.9 4.7% 27.9 19.8%

Payroll Loans 2 49.3 49.1 0.5% 46.0 7.4%

Vehicles 18.0 17.2 4.5% 15.2 18.0%

Mortgage Loans 44.8 44.0 2.0% 41.2 8.7%

Rural Loans 0.1 0.1 -1.1% 0.1 -18.4%

Companies - Brazil 1 188.1 177.0 6.3% 171.2 9.9%

Working Capital 3 103.7 96.3 7.7% 87.6 18.4%

BNDES/Onlending 12.2 13.6 -10.1% 18.0 -32.0%

Export / Import Financing 49.7 44.9 10.5% 46.1 7.8%

Vehicles 7.3 6.0 20.9% 3.6 104.4%

Mortgage Loans 4.9 5.3 -6.5% 6.7 -26.6%

Rural Loans 10.3 10.9 -5.6% 9.3 10.9%

Latin America 4 158.9 154.3 3.0% 160.2 -0.8%

Total without Financial Guarantees Provided 576.0 552.9 4.2% 530.5 8.6%

Financial Guarantees Provided 65.7 64.7 1.6% 69.6 -5.6%

Total with Financial Guarantees Provided 641.7 617.6 3.9% 600.1 6.9%

Corporate Securities 5 47.3 42.2 12.1% 36.3 30.1%

Total Risk 689.0 659.7 4.4% 636.4 8.3%

Credit Portfolio by Currency 1

180.7

192.4

197.9

223.5

233.4

219.5

224.5

228.3

240.0

358.4

371.7

368.4

365.1

366.7

379.1

384.5

389.3

401.7

539.1

564.1

566.4

588.6

600.1

598.6

609.0

617.6

641.7

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Foreign Currency Local Currency

R$ billion

(1) Total with financial guarantees provided.

10085 94

131

171

3Q15 3Q16 3Q17 3Q18 3Q19

10081 76

97

125

3Q15 3Q16 3Q17 3Q18 3Q19

Credit1 Origination and Private Securities Issuance | Brazil

10086 98

120

161

3Q15 3Q16 3Q17 3Q18 3Q19

10078

5972

90

3Q15 3Q16 3Q17 3Q18 3Q19

Credit2 – Corporate

Total Credit2 – Brazil

Note: Do not consider origination of Credit Card, Overdraft, Debt Renegotiation and other revolving credits. (1) Average origination per working day in the period, except for private securities issuance. (2) Does not include private securities issuance. (3) Source: ANBIMA (Brazilian Financial and Capital Markets Association). Considers total volume of fixed income and hybrid private securities issuance arranged by Itaú Unibanco on the local market (includes distributed volumes).

Base 100 = 3Q15

Credit2 – Very Small, Small and Middle Market

Credit2 - Individuals

31%

34%25%

29%

Private Securities Issuance3

1st place in the ANBIMA

ranking R$47.5 bn

9M19

409 362 341 370

417

Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

68 58 57

65

80


155

122 106 106 108


33 37 38 41 45


30 27 25 28 33


55 56 5769

83


46 46 45 46 49


22 16 14 15 18


Credit Portfolio Growth in Brazil 1 (in R$ Billions)

Accumulated Inflation (IPCA) (Sep-15 to Sep-19): 20.3% Accumulated Interbank Rate: (Sep-15 to Sep-19): 45.9%Nominal GDP (Sep-15 to Sep-19): 18.6%

(1) Loan Portfolio without financial guarantees provided.

Credit Card Loans Personal Loans Payroll Loans Vehicle Loans

Mortgage Loans Corporate Loans Very Small, Small and Middle Market Loans

Total Brazil

51.4%

45.8%

12.4%33.8%

8.0%

10.7%-16.9%

29.4%

17.1% 2.0%42.1%

22.3%33.9% -30.6%

18.5%2.1%

Companies Credit Portfolio by Business Sector 1,2

Credit Portfolio Breakdown

(1) Includes financial guarantees provided; (2) Industry and Extractivism = Mining (+) Steel and Metallurgy (+) Capital Assets (+) Petrochemical and Chemical (+) Energy and sewage (+) Oil and gas. Consumer Goods = Food and beverage (+) Clothing and footwear (+) Pharmaceuticals and cosmetics (+) Electronic and IT. Vehicles and Transportation = Transportation (+) Vehicles and autoparts. Real Estate and Construction = Real estate agents (+) Construction material (+) Infrastructure work. Agriculture and Related = Agribusiness and fertilizers (+) Sugar and alcohol. Other = Telecommunications (+) Commerce – Other (+) Services – Other (+) Industry – Other (+) Entertainment and Tourism (+) Other.

R$ million

Credit Concentration 1Sep-19In R$ billions, end of period 3Q19 2Q19

Public Sector 2.2 2.3 -5.2%Private Sector 346.3 331.8 4.4%

Real Estate 22.8 22.1 3.4%

Food and beverage 20.3 20.6 -1.6%

Agribusiness and fertilizers 19.3 17.7 9.2%

Transportation 18.8 18.6 1.2%

Energy and water treatment 15.8 15.8 -0.3%

Vehicles and auto parts 15.1 14.8 1.7%

Banks and other financial institutions 14.2 12.3 15.4%

Infrastructure work 12.3 11.8 4.4%

Petrochemical and chemical 12.1 11.1 9.1%

Telecommunications 9.6 9.6 -0.2%

Mining 9.1 9.1 -0.2%

Steel and metallurgy 8.8 8.9 -1.0%

Pharmaceutical and cosmetics 8.2 8.0 3.5%

Entertainment and tourism 7.3 6.7 9.0%

Sugar and Alcohol 6.9 6.7 4.1%

Capital Assets 6.8 6.8 -0.7%

Oil and gas 6.5 6.0 8.6%

Construction Material 5.8 5.5 4.2%

Electronic and IT 5.1 5.6 -9.5%

Services - Other 44.3 43.0 3.1%

Commerce - Other 23.1 20.5 12.6%

Industry - Other 10.3 9.6 7.6%

Other 43.8 41.0 6.7%Total 348.5 334.1 4.3%

Risk % of Total Risk % of TotalLargest Debtor 5,699 0.9 6,265 0.8 10 largest debtors 29,090 4.5 47,125 6.3 20 largest debtors 44,256 6.9 74,284 9.9 50 largest debtors 72,185 11.2 125,337 16.7 100 largest debtors 99,091 15.4 166,304 22.1

Loan, lease and other credit operations

Loan, lease, other credit operations and securities of companies and

financial institutions

39%

17%

12%

10%

10%

7%

4% 1%

Other Industry and Extractivism

Real Estate and Construction Consumer Goods

Vehicles and Transportation Agriculture and Related

Banks and other financial institutions Public Sector

Credit Portfolio by Vintage1

Profile of credit portfolio by origination period: Older vintages with higher spreads are losing relevance compared to the most recent ones. 61.2% of total origination was created in the past 12 months.

R$ billion

(1) Does not include financial guarantees provided.

31.5% 35.7% 35.5%

11.1%10.0% 12.2%

7.6% 8.0% 7.1%6.4% 6.4% 6.4%4.5%5.1% 4.5%

38.8% 34.8% 34.3%

531 553 576

3Q18 2Q19 3Q19

Actual Quarter (q) q-1 q-2 q-3 q-4 q=<-5

18.7 14.0 3.1 14.5 5.8 7.8 8.6 27.6set/19

38.0

33.7

31.0

28.7

25.8

16.6

16.1

16.6

17.5

19.3

5.3

4.4

4.1

4.1

4.3

13.5

15.4

16.8

18.5

20.0

7.3

7.6

7.3

7.5

8.0

8.2

10.3

11.2

11.1

10.8

11.2

12.6

13.1

12.4

11.8

set/15

Sep-16

Sep-17

Sep-18

Sep-19

Loan Portfolio Mix Change 1 (%)

(1) Does not include financial guarantees provided; (2) Includes units abroad ex-Latin America; (3) Excludes Brazil.

Corporate Very Small, Small and Middle Market Vehicles Credit Card

Personal Loans Mortgage Loans Latin America 3 Payroll Loans

Brazil 2

Consolidated Sep-19

Sep-19

Sep-18

Sep-17

Sep-16

Sep-15

16.9 15.3 16.117.6(1.6) (0.1) (0.1)0.3 0.5 0.1 1.5

2Q19 Working Capitaland other 2Q19

Spread-SensitiveOperations 2Q19

Mix of products Average AssetPortfolio and

Liabilities Margin

Asset Spreads Higher number ofcalendar days

Others Spread-SensitiveOperations 3Q19

Working Capitaland other 3Q19

3Q19


(1) Includes capital allocated to business areas (except treasury), and the corporation working capital. (2) Change in the composition of assets with credit risk between periods in Brazil; (3) Considers credit and private securities portfolio net of overdue balance over 60 days in Brazil; (4) Spreads variation of assets with credit risk between periods in Brazil; (5) In Brazil; (6) Includes Latin America (ex-Brazil) spread-sensitive operations and structured operations from the wholesale segment.

Consolidated Brazil

Annualized Average Rate

R$ billionFinancial Margin with Clients Breakdown

Financial Margin with Clients Risk-adjusted Financial Margin with Clients CDI (annualized quarterly rate)

+ 0.8 billion+ 5.0%

2 4 53 61

9.9% 9.9% 9.9% 9.8% 9.8% 10.0% 10.0% 10.0%

7.1% 7.4% 7.6% 7.7% 7.6% 7.6% 7.5% 7.4%

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

12.0% 12.0% 12.2% 12.1% 11.8% 12.1% 12.2% 12.2%

8.9% 9.0% 9.5% 9.6% 9.2% 9.2% 9.2% 9.0%

7.5%6.7% 6.4% 6.4% 6.4% 6.4% 6.4% 6.0%

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

1

Financial Margin with the Market

R$ billion

(1) Includes units abroad ex-Latin America; (2) Excludes Brazil.

Sale of shares - B3Financial Margin with the Market – Brazil 1

Financial Margin with the Market– Latin America 2

1 year moving average of Financial Margin with the Market

0.2 0.2 0.3 0.5 0.3 0.5 0.3 0.5 0.4

1.1 1.2 1.3 0.9 1.0 0.5 0.91.1 1.0

0.10.2

1.4 1.41.7

1.3 1.3 1.1 1.21.6 1.5

1.71.6 1.5 1.5 1.4 1.4

1.2 1.3 1.4

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

1.0 1.2

3.23.0

0.1

4.3 4.3

9M18 9M19

4,302 4,621 4,323 4,395 3,932 3,996 3,550 3,732 3,236 3,534 3,165 3,482 3,688 3,726 4,021 4,210 4,4611,295 1,362 2,728 1,546 1,825 1,070 1,410 619 532 248 393 168

-298 -354 -304 -371 -177

399 383772

396 412 757 432 598 514 701 554 621514 423 489 568 638

5,997 6,3667,824 6,337 6,169 5,823 5,392 4,948 4,282 4,483 4,111 4,271

3,904 3,796 4,206 4,407 4,922

4.4% 4.6%5.8%

5.0% 5.0% 4.7% 4.5% 4.1% 3.6% 3.7% 3.3% 3.4% 3.0% 2.9% 3.1% 3.2% 3.5%

3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Retail Banking - Brazil Wholesale Banking - Brazil Latin America ex-Brazil Provision for Loan Losses / Loan Portfolio (*) - Annualized

5,075 5,1357,211 6,335 5,582 6,352 5,281 4,474 3,990 4,257 3,788 3,601 3,263 3,415 3,804 4,044 4,495

3.1% 3.0%

4.4%4.1%

3.7%4.2%

3.6%3.0% 2.7% 2.9%

2.5% 2.4% 2.1% 2.1% 2.4% 2.5% 2.7%

3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Cost of Credit Cost of Credit / Total Risk (*) - Annualized

Provision for Loan Losses and Cost of Credit

R$ millionProvision for Loan Losses by Segment

Cost of Credit(Provision for Loan Losses + Recovery of Loans Written Off as Losses + Impairment + Discounts Granted) R$ million

(*) Average balance of the loan portfolio, considering the last two quarters.

(*) Average balance of the loan portfolio with financial guarantees provided and corporate securities, considering the last two quarters.

Note: Includes the consolidation of Citibank as of 4Q17.

14.5 14.3 14.2 14.916.1

17.0 17.6 17.3 16.6 15.9 15.2 14.5 14.1 13.7 13.4 13.9 14.1 14.9 15.616.4

5.1 5.0 5.15.6

6.1 6.4 6.4 6.3 6.1 5.8 5.7 5.6 5.3 5.0 4.9 4.8 4.7 4.6 4.6 4.7

6.8 6.6 6.4 6.7 7.2 7.68.0 7.9 7.7 7.4 7.2 6.9 6.6 6.4 6.2 6.3 6.2 6.4 6.5 6.6

Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

Trailing 12 months Retail Banking Provision for Loan Losses (R$ Bn) 90-day NPL - Retail Banking (%)Annual Retail Banking Provision for Loan Losses / Average Portfolio (%)

Retail Bank | Cost of Credit and Credit Quality

economic contraction

226 226 225 222 223 218 215 214 214 210 208 208 221 221 225

231 244

250 259

269

Credit Portfolio - Retail Banking (R$ Bn)

Allowance for Loan Losses by Risk– Consolidated

Allocation of Total Allowance by Type of Risk - Consolidated

Latin America 2

Potential LossRenegotiations and overdue loansOverdue operations according to the

Brazilian Central Bank

Wholesale - Brazil 1Retail - Brazil 1

Renegotiations

Overdue

Provision < 100%

1,105235

362

Fully Provisioned

4,0463,479

896

83%

17%

5,871

759 759

66%

2,942

315

567

34%

¹ Includes units abroad ex-Latin America.² Excludes Brazil.

10,160

10,666

11,213

10,418

9,514

10,123

14,919

12,910

13,141

35,496

33,091

34,477

Sep-18

Jun-19

Sep-19

7,3637,0656,073

3,4983,4576,472

2,2812,388

2,374 13,141 12,910

14,919

Sep-19Jun-19Sep-18

5,1515,0194,894

3,7143,2544,222

1,2581,241

1,30210,123

9,51410,418

Sep-19Jun-19Sep-18

8,8138,2867,804

1,0741,1681,015

1,3261,2121,341

11,21310,66610,160

Sep-19Jun-19Sep-18

R$ million

4.2

4.2

4.2 3.7 3.5 3.5 3.2 2.9 3.4 3.4 3.2

1.9 2.3

1.5 1.0 1.0

1.7 1.0

1.5 0.7 0.9 0.7

3.4

4.3

3.8

2.8 3.0 2.3 1.8 1.7 1.8 1.6 1.5

Sep-15 Jun-16 Sep-16 Jun-17 Sep-17 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

Individuals Corporate Very Small, Small and Middle Market Companies

5.4

5.9 5.75.2 5.1

4.5 4.5 4.4 4.4 4.5 4.7

1.5 1.6

2.8

1.2 1.0 1.01.5 1.7

2.61.8 1.4

4.2

6.06.3

5.1 4.9

3.7 3.4 3.2

2.9 2.5 2.4


Individuals Corporate Very Small, Small and Middle Market Companies

3.03.6 3.9

3.2 3.22.8 2.9 2.9 3.0 2.9 2.9

3.8

4.54.8

3.9 3.83.4 3.5 3.5 3.7 3.5 3.4

1.2 1.1 1.2 1.2 1.4 1.5 1.3 1.4 1.4 1.4 1.4


Total Brazil ¹ Latin America ²

3.03.2 2.9

2.8 2.8 2.7

2.6 2.3 2.5 2.5 2.3

3.23.6

3.2

2.7 2.7

2.8

2.4 2.3 2.4 2.4 2.21.5

2.1 2.1

2.9 3.0

2.5

3.1

2.32.6 2.5 2.5


Total Brazil ¹ Latin America ²

Non Performing Loans Ratios

90-day NPL Ratio| Consolidated (%)

90-day NPL Ratio | Brazil 1 (%)

Note: Total and Latin America 15 to 90-day NPL Ratios prior to June 2016 do not include CorpBanca. (1) Includes units abroad ex-Latin America. (2) Excludes Brazil.

15 to 90-day NPL Ratio | Consolidated - %

15 to 90-day NPL Ratio | Brazil 1 - %

235% 227% 215%

168% 172% 169%

639%

399%487%


Latin America ex-Brazil

Retail Banking - Brazil

Wholesale Banking - Brazil

246% 245%236%

248%235%

221%208% 208% 208%

100% 100% 96% 95% 92% 90% 88% 87% 86%


Total Total (Expanded)

Coverage Ratio (90-day NPL)

Coverage Ratio and Expanded Coverage Ratio1 Coverage Ratio

1 Expanded Coverage Ratio is calculated from the division of the total allowance balance* by the sum of 90 days overdue operations and of renegotiated loan portfolio excluding the double counting of 90 days overdue renegotiated loans.

(*) Total allowance used for calculation of the coverage and expanded coverage ratios includes the provision for financial guarantees provided, which is recorded in liabilities as from March 2017, in accordance with CMN Resolution No. 4,512/16.

NPL Creation

R$ billion

4.4 4.4

5.0

3.8

5.04.4

5.14.7

5.3

3.63.3 3.2

3.5 3.5 3.5 3.63.9

4.3

0.20.5

1.1

-0.3

1.00.7

1.2

0.40.1

0.5 0.5

0.7

0.5

0.4 0.3 0.4 0.4

0.9

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Total Retail Banking - Brazil Whosale Banking - Brazil Latin America ex-Brazil

0.5 0.7 0.6 0.6 0.5 0.4 0.5 0.6 0.60.5 0.5 0.7 0.5 0.4 0.3 0.4 0.4 0.9

97% 128% 79% 114% 130% 133% 136% 138% 75%

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

0.5 0.2 0.4 0.2-0.3 -0.4 -0.3 -0.4 -0.2

0.2 0.5 1.1

-0.3

1.0 0.7 1.2 0.4 0.1

230%48% 34%

-66% -29% -53% -26% -87% -119%

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

3.2 3.5 3.2 3.5 3.7 3.7 4.0 4.2 4.53.6 3.3 3.2 3.5 3.5 3.5 3.6 3.9 4.3

89% 107% 99% 100% 104% 108% 113% 108% 104%

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

4.3 4.5 4.1 4.3 3.9 3.8 4.2 4.4 4.94.4 4.4 5.0 3.8 5.0 4.4 5.1 4.7 5.3

98% 102% 82% 113%79% 85% 83% 93% 93%

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Provision for Loan Losses and NPL Creation by Segment

Retail Banking - Brazil

Total

Wholesale Banking - Brazil

Latin America ex–Brazil

Provision for Loan Losses Provision for Loan Losses / NPL CreationNPL Creation

R$ billion

R$ billion

R$ billion

R$ billion

Loan Portfolio Evolution by Risk Level

Brazil 1 Consolidated

(1) Includes units abroad ex-Latin America.Note: Loan portfolio without financial guarantees provided. Total allowance includes the provision for financial guarantees provided, which is recorded in liabilities as from March 2017, in accordance with CMN Resolution No. 4,512/16.

9.9% 8.7% 8.8% 8.4% 7.6% 7.7%4.0% 4.4% 4.4% 4.8% 5.0% 5.5%4.9% 6.0% 6.2% 9.1% 9.8% 9.8%

36.7% 38.1% 37.5% 33.6% 34.8% 32.4%

44.5% 42.9% 43.0% 44.0% 42.8% 44.6%

30,480 28,249 29,613 35,496 33,091 34,477

Sep-18 Jun-19 Sep-19 Sep-18 Jun-19 Sep-19

AA A B C D-H

Total Allowance for Loan Losses (R$ million)

Loan Portfolio by Risk Level

4.6 4.4 4.9 4.1 4.4 4.6 5.3 4.7 4.8

17.2% 16.5% 17.9% 15.0% 15.7% 16.8% 19.1% 17.5% 16.8%


Total Renegotiated Loans Portfolio 90-day NPL

Total of Renegotiated Loans Portfolio 90-day NPL Ratio

10.6 10.8 11.1 11.0 11.4 11.3 11.4 10.6 11.2

26.4 26.4 27.6 27.5 27.9 27.3 27.6 26.9 28.4

40.2% 40.9% 40.3% 39.9% 40.8% 41.4% 41.4% 39.2% 39.5%


Allowance for Loan Losses for Renegotiated Loans Portfolio

Renegotiated Loans Portfolio

Allowance for Loan Losses for Renegotiated Loans Portfolio/ Renegotiated Loans Portfolio

R$ billion

(1) Includes units abroad ex-Latin America; (2) Excludes Brazil.

Renegotiated Loan Operations

Total Renegotiated Portfolio | Breakdown by Days Overdue

Allowance for Loan Losses for Renegotiated Loans Portfolio 90-day NPL of Renegotiated Loans PortfolioR$ billionR$ billion

Days overdue:measured at the moment of

renegotiation

7.6 7.7 8.2 8.5 8.8 9.0 9.2 9.8 9.9 1.3 1.3 1.2 1.2 1.3 1.4 1.4 1.4 1.3 5.9 5.9 5.9 5.2 5.1 4.8 4.9 4.9 5.2 7.8 7.7 8.4 8.5 8.7 8.2 8.0 7.3 7.6 1.9 1.9 1.9 1.8 1.8 1.8 1.8 1.3 2.0 1.9 2.0 2.0 2.3 2.2 2.1 2.3 2.3 2.5

26.4 26.4 27.6 27.5 27.9 27.3 27.6 26.9 28.4


Latin America 2

When Written-off as a Loss

When over 90 days overdue

When 31-90 days overdue

When up to 30 days overdue

When non-overdue

25.5 25.2

Brazil 1

25.4 24.724.4 26.024.5 25.2 25.7

80.5%69.8%

9.6%

9.7%

9.9%20.6%

Itaú Unibanco Brazilian Financial Systemexcluding Itaú Unibanco

Transactor¹ Installment with Interest Revolving Credit + Overdue Loans²

13%

8%

79%

Private Sector Public Sector INSS

27.0%36.4%

17.8%14.6%

34.1%7.9%

12.0%

19.6%

9.0%21.6%

Dec-12 Sep-19

Payroll Loans

Mortgage Loans

Vehicles

Personal Loans

Credit Card

57.2% 58.5% 58.1%57.9% 59.7% 60.6%


Vehicles Mortgage Loans

Credit Cards Portfolio in Sep-19

(1) Includes installment without interest; (2) Includes nonperforming loans more than 1 day overdue.

Change in the Mix of the Individuals Portfolio in BrazilComposition of the Payroll Loans Portfolio in Sep-19

Credit Quality | Individuals

Loan-to-Value Vehicles and Mortgage | Vintages

Banking Fee Revenues and Result from Insurance, Pension Plans and Premium Bonds

9%Current Account Holders

Annual increase in the number of Individuals account holders.

Assets Under Administration 3

Total Payment Volume (TPV) - CardsIn R$ billions

In R$ billions

Traditional

Open Platform

50.7%

17.2%

20.8%1,290

172

114

Sep-19

1,118

Sep-18

954

1,068

15.3% 11.6%Issuer Acquiring

9M19

379

9M18

329

9M19

346

9M18

310

(1) Includes fund management fees and consortia management fees; (2) Result from Insurance includes the Revenues from Insurance, Pension Plan and Premium Bonds Operations net of Retained Claims andSelling Expenses; (3) Does not include Latin America (ex-Brazil).

In R$ bilhões 3Q19 2Q19 3Q18 9M19 9M18

Credit and Debit Cards 3.2 3.2 0.1% 3.4 -5.5% 9.7 10.0 -3.0%

Card Issuance 2.3 2.2 1.5% 2.2 2.7% 6.7 6.3 6.1%

Acquiring 0.9 1.0 -3.3% 1.2 -20.8% 3.0 3.7 -18.5%

Current Account Services 1.9 1.8 3.2% 1.8 3.1% 5.6 5.5 1.7%

Asset Management ¹ 1.4 1.3 8.3% 1.1 28.7% 3.7 3.2 16.5%

Advisory Services and Brokerage 0.7 0.6 14.1% 0.3 150.4% 1.7 1.0 65.3%

Credit Operations and Guarantees Provided 0.6 0.7 -8.3% 0.6 0.1% 1.9 1.9 -1.9%

Collection Services 0.5 0.5 2.0% 0.5 5.6% 1.5 1.4 2.9%

Other 0.3 0.3 6.2% 0.2 18.2% 0.8 0.8 4.0%

Latin America (ex-Brazil) 0.7 0.7 -2.8% 0.7 -4.6% 2.2 2.1 2.0%

Commissions and Fees 9.3 9.1 2.2% 8.6 7.3% 27.0 25.9 4.1%

Result from Insurance Operations ² 1.6 1.7 -6.0% 1.5 3.6% 4.9 4.8 1.9%

Total 10.8 10.7 1.0% 10.2 6.8% 31.8 30.7 3.8%

63,55869,425

63,345 65,91570,376

81,136

72,877 74,095 76,636

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

32,234

38,711 35,595 35,818

38,873

46,057

40,128 39,959 42,242

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

1,399 1,433 1,281 1,226 1,177

1,252 1,106

964 932

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Retail - Merchant Acquiring | REDE

Credit Card Transaction Volume Debit Card Transaction Volume

Service Revenues from Acquiring NumbersR$ million

R$ millionR$ million

POS number 1.5 million 28.9%Purchase volume R$ 118.9 billion 8.8%

% growth 3Q19 x 3Q18

Insurance, Pension Plan and Premium Bonds

1,487 1,711

1,602 1,645 1,521 1,590 1,607 1,675 1,575

5.6%6.2%

5.9% 5.9%5.5% 5.6% 5.8% 5.7%

5.3%

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Result from Insurance, Pension Plan and Premium Bonds Operations Result/Operating Revenues

(1) Operating Revenues including the Result from Insurance, Pension Plan and Premium Bonds Operations net of retained claims and selling expenses.

Result from Insurance, Pension Plan and Premium Bonds

1

In R$ millions 3Q19 2Q19 3Q18 9M19 9M18 Earned Premiums 1,105 1,075 2.9% 1,025 7.8% 3,232 3,011 7.4%Revenues from Pension Plan 57 117 -51.6% 70 -18.4% 231 350 -33.8%Revenues from Premium Bonds 113 107 5.7% 105 7.9% 322 336 -4.2%Managerial Financial Margin (41) (0) - 15 - 52 212 -75.5%Commissions and Fees 556 515 7.9% 518 7.2% 1,561 1,523 2.5%Earnings of Affiliates 129 164 -21.0% 126 3.1% 417 324 28.4%

Revenues from Insurance, Pension Plan and Premium Bonds

1,920 1,978 -3.0% 1,858 3.3% 5,815 5,756 1.0%

Retained Claims (338) (297) 13.9% (320) 5.9% (935) (934) 0.1%Insurance Selling Expenses (6) (6) 6.7% (18) -67.4% (23) (55) -57.6%

Result from Insurance, Pension Plan and Premium Bonds

1,575 1,675 -6.0% 1,521 3.6% 4,857 4,767 1.9%

Recurring Net Income 627 680 -7.8% 591 6.2% 1,968 1,910 3.0%

Insurance Combined Ratio 64.7% 61.5% 320 bps 63.9% 80 bps 63.8% 63.5% 30 bps

R$ million

Combined Ratio1

Earned Premiums BreakdownR$ million

Insurance Operations

Retained Claims BreakdownR$ million

(1) The combined ratio is the sum of retained claims, selling expenses, administrative expenses, other operating income and expenses, tax expenses for ISS, PIS and Cofins and other taxes divided by earned premiums. Theextended combined ratio is the sum of these same expenses divided by the sum of earned premiums, managerial financial margin and commissions and fees.

47.3% 47.2% 46.8% 47.0% 46.7%

14.5% 14.7% 15.1% 15.5% 15.6%

15.7% 16.2% 16.7% 17.3% 17.6%1.6% 1.5% 1.4% 1.4% 1.4%9.2% 9.7% 9.5% 9.6% 9.4%

11.6% 10.7% 10.4% 9.2% 9.3%

1,025 1,045 1,052 1,075 1,105

3Q18 4Q18 1Q19 2Q19 3Q19

Life and Personal Accidents Protected Card Credit Life Property risk Mortgage Other

41.9% 39.6% 41.3% 43.8% 46.4%

9.7% 13.2% 13.4% 14.2% 13.2%10.0% 9.1% 10.9% 10.1% 10.6%1.6% 1.4% 0.8% 1.1%

2.4% 5.6%3.8%

4.9% 4.2%

34.5% 32.6% 29.2% 26.1% 24.5%

320 294 299 297 338

3Q18 4Q18 1Q19 2Q19 3Q19

Life and Personal Accidents Protected Card Credit Life Property risk Mortgage Other

68.2% 65.4% 59.2% 55.1% 64.2% 69.0% 60.4% 66.1% 63.9% 64.9% 65.1% 61.5% 64.7%

59.9% 59.4%51.8% 51.2%

56.3%61.1%

50.5%57.6% 56.4% 59.2% 57.8% 55.4%

59.6%

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Combined Ratio Combined Ratio Ampliado

7.3

43.5

158.1

Traditional

PGBL

VGBL

R$208.9billion

Pension Plan Segment

Technical Provisions

1 Plan your retirement

Pay your future health expenses2

Invest in your kids’ education3

7 Succession planning

4 Plan your taxes expenses

5 Improve your investment return

Concept 1,3,6,9: How much do the client have to save to enjoy a peaceful retirement?

7 Reasons to Invest

Focus on Client Experience

6 Flexibility to change pension plan

R$ billion

R$ billion

190.0 196.6 200.4 204.8 208.9

3Q18 4Q18 1Q19 2Q19 3Q19

Technical Provisions by Product

Years of salary accumulated Age1 353 456 559 65 3Q19

Non-interest Expenses

Branches and Client Service Branches 3,4 Number of Employees 5

(1) Includes IPTU, IPVA, IOF and other. Does not include PIS, Cofins and ISS; (2) Does not consider overhead allocation; (3) Includes IBBA representative offices abroad; (4) Includes Banco Itaú BBA, Banco Itaú Argentina and companies in Chile, Colombia, Uruguay, Panama and Paraguay; (5) For companies under our control, 100% of the total number of employees is considered. No employees are considered for companies not controlled by us.

541 540 549 527 516 513 512 521 508 503 852 824 766 703 697 700 703 691 686 675

3,941 3,821 3,653 3,591 3,531 3,531 3,530 3,527 3,332 3,330

31 94 135 160 160 173 195 195 196 196

5,365 5,279 5,103 4,981 4,904 4,917 4,940 4,934 4,722 4,704

Dec-14 Dec-15 Dec-16 Dec-17 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

Branches + CSB (Latin America ex-Brazil) CSB - Brazil Brick and Mortar Branches - Brazil Digital Branches - Brazil

86,192 83,481 80,871 85,537 86,144 87,070 86,801 86,204 85,161 83,536

758 712 648 572 577 585 566 549 547 534

13,681 13,672 13,26013,223 13,193 13,101 12,968 12,908 12,738 12,694

100,631 97,865 94,77999,332 99,914 100,756 100,335 99,661 98,446 96,764

Dec-14 Dec-15 Dec-16 Dec-17 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

Brazil Abroad (ex-Latin America) Latin America

~ 3.5 thousand employees adhered

out of ~7 thousand eligible employees

Voluntary Severance Program

Non recurring expenses ofR$2.4 billion before taxes

In R$ billions 3Q19 2Q19 3Q18 9M19 9M18

Personnel Expenses (5.6) (5.5) 1.6% (5.4) 4.2% (16.5) (15.7) 5.1%

Administrative Expenses (4.2) (4.2) -1.5% (4.2) -0.1% (12.5) (12.2) 2.5%

Operating Expenses (1.3) (1.2) 10.3% (1.3) 2.8% (3.6) (3.7) -2.8%

Other Tax Expenses ¹ (0.1) (0.1) -11.7% (0.1) 1.9% (0.3) (0.2) 10.0%

Latin America (ex-Brazil) ² (1.6) (1.6) -0.4% (1.7) -6.4% (4.8) (4.8) 0.0%

Total (12.8) (12.7) 1.0% (12.6) 1.2% (37.6) (36.6) 2.8%

Efficiency Ratio and Risk-Adjusted Efficiency Ratio

Non-Interest Expenses (Personnel Expenses + Administrative Expenses + Operating Expenses + Other Expenses) + Cost of Credit

(Managerial Financial Margin + Commissions and Fees + Result of Insurance, Pension Plan and Premium Bonds + Tax Expenses for ISS, PIS, Cofins and Other Taxes)

Risk-Adjusted Efficiency Ratio

=

45.3 46.4 47.0 47.4 47.7 47.6 47.7 47.5 46.6

65.0 64.2 63.3 62.7 62.2 61.2 61.2 61.2 61.2

47.3 49.2 45.9 47.1 48.8 48.7 46.3 46.2 45.5

63.3 65.7 60.8 61.0 61.3 61.7 60.9 60.9 61.4

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Trailing 12-month Efficiency Ratio (%) Trailing 12-month Risk-Adjusted Efficiency Ratio (%) Quarterly Efficiency Ratio (%) Quarterly Risk-Adjusted Efficiency Ratio (%)

Balance Sheet – Assets and Liabilities

R$ million

Assets 3Q19 2Q19 3Q18 Current and Long-term Assets 1,703,925 1,644,066 3.6% 1,578,127 8.0%

Cash and Cash Equivalents 27,721 33,242 -16.6% 29,467 -5.9% Short-term Interbank Investments 274,139 284,781 -3.7% 320,965 -14.6% Securities and Derivative Financial Instruments 510,656 473,608 7.8% 428,260 19.2% Interbank and Interbranch Accounts 131,052 134,741 -2.7% 125,987 4.0% Loan, Lease and Other Loan Operations 576,020 552,909 4.2% 530,520 8.6% (Allowance for Loan Losses) (33,467) (31,952) 4.7% (34,227) -2.2% Other Assets 217,805 196,738 10.7% 177,155 22.9%

Permanent Assets 34,414 34,312 0.3% 35,034 -1.8% Total Assets 1,738,339 1,678,378 3.6% 1,613,162 7.8%

Liabilities 3Q19 2Q19 3Q18 Current and Long-Term Liabilities 1,597,176 1,537,520 3.9% 1,471,863 8.5%

Deposits 490,838 463,259 6.0% 454,552 8.0% Deposits Received under Securities Repurchase Agreements 296,503 316,543 -6.3% 314,575 -5.7% Fund from Acceptances and Issue of Securities 130,883 125,336 4.4% 118,684 10.3% Interbank and Interbranch Accounts 60,317 55,243 9.2% 49,129 22.8% Borrowings and Onlendings 77,770 72,788 6.8% 67,258 15.6% Derivative Financial Instruments 47,441 35,655 33.1% 31,827 49.1% Technical Provisions for Insurance, Pension Plans and Premium Bonds 216,060 211,905 2.0% 196,748 9.8% Other Liabilities 277,364 256,790 8.0% 239,090 16.0%

Deferred Income 2,632 2,606 1.0% 2,603 1.1% Minority Interest in Subsidiaries 12,812 12,515 2.4% 13,661 -6.2% Stockholders' Equity 125,719 125,737 0.0% 125,035 0.5% Total Liabilities and Equity 1,738,339 1,678,378 3.6% 1,613,162 7.8%

Total Assets | Evolution and Breakdown

39.2%

31.0%

14.5%

7.3%

8.0%

Pension Plans Fund Quotas

Domestic Government Bonds

Corporate Securities

International Government Bonds

Derivatives

34.4

217.8

510.7

432.9

542.6 1,503.5

1,649.6 1,738.3

2017 2018 3Q19

27.6%

18.7%

14.0%

14.5%

7.8%

8.6%

5.8%

3.1% Latin America

Corporate

SME's

Credit Cards

Mortgage

Payroll Loans to Individuals

Personal Loans

Vehicles

R$ billion

(1) Net of Allowance for Loan Losses.

Cash and Cash Equivalents, Interbank Investments and Interbank and Interbranch Accounts

Securities and Derivatives Financial Instruments

Loans Portfolio 1

Other

Permanent Assets

Securities and Derivatives Breakdown Loans Breakdown

24.9%

31.2%

29.4%

12.5%

2.0%

Total Liabilities | Evolution and Breakdown

55.5125.7

185.5

216.1

237.4

335.5

582.8

1,503.51,649.6

1,738.3

2017 2018 3Q19

Deposits Received under Securities, Repurchase Agreements and Fund from Acceptances and Issue of Securities 1

Subordinated Debt 3

Deposits, Debentures and Funds from Bills and Structured Operations Certificates

Interbank and Interbranch Accounts, Borrowings and Onlendings and Derivative Financial Instruments

Stockholder´s Equity

Technical Provisions for Insurance, Pension Plans and Capitalization

Others 2

(1) Does not include debentures, Funds from Bills and Structured Operations Certificates; (2) Includes Deferred Income, Minority Interest in Subsidiaries and Other Liabilities; (3) Considers perpetual subordinate notes since 2018.

R$ billion

33.5%

19.3%

13.7%

12.4%

10.7%

7.2%

3.2%

Deposits Breakdown Deposits (Maturity Breakdown)

54.4%28.5%

16.8%

0.3%

Time deposits

Savings accounts

Demand deposits

Interbank and Otherdeposits

55.0%

8.2%4.8%

31.9%

0-30

31-180

181-365

Over 365 days

• Loan Portfolio mainly funded by domestic client funding

• Diversified funding base

Funding

(1) Includes funds from Real Estate, Mortgage, Financial, Credit and Similar Notes. (2) Does not include own issued debentures classified as funding. (3) Includes Certificates of Banks Deposits (CDB), Certificates of Agribusiness Receivables (CRA), Certificates of Real Estate Receivables (CRI), Debentures, Agricultural Credit Bonds (LCA) and Real Estate Credit Bonds (LCI).

In R$ millions, end of period 3Q19 2Q19 3Q18

Demand Deposits 82,245 73,352 12.1% 74,817 9.9%

Savings Deposits 140,122 137,568 1.9% 132,374 5.9%

Time Deposits 267,029 250,521 6.6% 244,247 9.3%

Debentures (Linked to Repurchase Agreements and Third Parties’ Operations) 6,492 10,426 -37.7% 29,472 -78.0%

Funds from Bills (1) and Structured Operations Certificates 85,440 78,824 8.4% 74,358 14.9%

Funding from Clients (A) 581,328 550,691 5.6% 555,267 4.7%

Onlending 13,246 14,615 -9.4% 19,017 -30.3%

Borrowings 64,524 58,174 10.9% 48,240 33.8%

Funds from Acceptance and Issuance of Securities 45,443 46,513 -2.3% 44,327 2.5%

Other (2) 32,209 29,463 9.3% 30,087 7.1%

Gross Funds raised 736,750 699,455 5.3% 696,938 5.7%

Portfolio Managed and Investment Fund (B) 1,144,597 1,045,172 9.5% 979,333 16.9%

Open Platform (C) 187,134 169,536 10.4% 125,397 49.2%

Investment Fund 172,037 155,111 10.9% 114,153 50.7%

Other (3) 15,097 14,425 4.7% 11,243 34.3%

Total Funds na Assets Under Administration 2,068,481 1,914,163 8.1% 1,801,668 14.8%

Funds from Clients (A) + (B) + (C) 1,913,058 1,765,399 8.4% 1,659,997 15.2%

Ratio between Loan Portfolio and Funding

Funding

% Funding (Maturity Breakdown)

33.2%

50.6%

8.4%

7.8%

Over 365

0-30

31-180

181-365

633 664 665 667 697 687 691 699737

515 542 540 548 578 553 566 571618

468 494 495 519 531 532 544 553 576


Gross Funds raised Funds raised Net from Reserve Required by Brazilian Central Bank and Cash Loan Portfolio

90.8% 91.1% 91.7% 94.6% 91.8% 96.4% 96.0% 96.9% 93.3%

73.9% 74.4% 74.5% 77.8% 76.1% 77.5% 78.6% 79.0% 78.2%

Loan Portfolio / Funds raised Net from Reserve Required By Brazilian Central Bank and Cash Loan Portfolio / Gross Funds raised

Capital Ratios (BIS) | Prudential Conglomerate 1

(1) Includes financial institutions, consortium managers, payment institutions, companies that acquire operations or directly or indirectly assume credit risk and investment funds in which the conglomerate substantially retains risks and benefits.

In R$ millions, end of period 3Q19 2Q19

Core Capital 113,235 115,498

Tier I (Core Capital + Additional Capital) 124,856 126,373

Referential Equity (Tier I and Tier II) 136,755 138,267

Total Risk-weighted Exposure (RWA) 887,513 847,001

Credit Risk-weighted Assets (RWACPAD) 759,358 724,300

Operational Risk-weighted Assets (RWAOPAD) 81,568 81,341

Market Risk-weighted Assets (RWAMINT) 46,587 41,360

Core Capital Ratio 12.8% 13.6%

Tier I Ratio 14.1% 14.9%

BIS (Referential Equity / Total Risk-weighted Exposure) 15.4% 16.3%

Capital Ratios

Common Equity Tier I (CET I) Additional Tier I (AT1)

Full aplication of Basel III rules│ September 30, 2019

Payment of R$7.7 billion in complementary dividends on August 23rd, 2019.

13.6% 12.8%

1.3%0.7% -0.7% -0.2% -0.6% 1.3%

14.9% 14.1%

Tier IJun-19

3Q19 net income andother equity changes

Additional dividends and IOC Prudential Adjustments RWA Tier ISep-19

Capital Requirement under the Basel Committee, BACEN and ITUB Target

4.0%

4.0%

8.0%5.5%

5.5%

11.0%

If total capital falls below 11.5%,

restrictions will start to be applied to the distribution of dividends and

bonus

2.0%

8.0%

11.5%

1.5%

T1= 9.5%

Minimum Capital Required

15.0%

12.0%

1.5%

1.5%

T1= 13.5%

2004(Basel)

2004(BACEN)

2019

0% 0% 100% 100%Deductions

ITUB Target

PerpetualBonds (AT1)

Stockholders`equity(CET1)

Subordinateddebt (TII)

T1= CET1 + AT1

Basel IIIBasel II

Notes:- BACEN requirements do not include the countercyclical capital buffer of 2.5%

Payout Practice

Maintain the practice of paying dividends and interest on own capital at 35% of net income (however we excluded the maximum limit previously determined at 45%).

Set forth, through the Board of Directors,

the total amount to be distributed each yearconsidering: our capitalization level, the minimum Tier 1 Capital of 13.5% (this ratio must be composed of at least 12% of Core Capital), the profitability in the year, expectations of capital use and changes in tax legislation.

In order to manage capital efficiently, aiming at creating value to our shareholders, we announced through a Material Fact disclosed on September 26, 2017, that we intend to:

Total Payout simulationto keep Tier I Capital at 13.5% under different return and growth scenarios, assuming no acquisitions or change in capital requirements

The percentage to be distributed may change every year based on the company’s profitability and capital demands, always considering the minimum set forth in the Bylaws.

Payout and Shares Buyback

7.5%in 2018

Paid

Dividends and IOC 2In R$ billions

Shares Buyback

(1) Considers the payout of 89.2% and the average daily closing price in 2018; (2) Dividends and IOC net of taxes.

Dividend Yield 1

45.0%70.6%

87.2%4.3%

12.4%2.0%

49.3%

83.0%89.2%

0.0 %

20 .0%

40 .0%

60 .0%

80 .0%

10 0.0%

2016 2017 2018

Shares Buyback

Payout

22.9

2018

22.4

0.5

Ratings

FitchRatings

Moody’s

Standard&Poor’s

Viability Support Local Currency Foreign Currency

Long Term Short Term Long Term Short Term Long Term Short Term

bb 4 BB B BB B AAA (bra) F1+ (bra)

International National

Subordinated DebtForeign Currency

Senior Unsecured DebtForeign Currency

Long Term Long Term Long Term Short Term Long Term Short Term

(P) Ba3 (P) Ba3 Ba3 NP A1. br BR-1


IssuerIssuer

Local Currency

Long Term Short Term Long Term Short Term Long Term Short Term

BB- B BB- B brAAA brA-1+

Local Currency Foreign Currency


Digital Transformation5

Digital Strategy | Customer needs

Customersexpectationshave changed.They demand high-qualityexperiences rather thanjust products and services.

Wants access tonice and easyentertainment

Needs tocommunicate withhis/her network anytime, anywhere

Does notwant to wastetime in traffic

Seeks to have new experiences andconveniencewhile traveling

MOBILITY

LEISURE

COMMUNICATION

TRAVEL

MUSIC CONSUMINGFULL SERVICE

Seeks intelligent and integrated solutions (super apps) to make everyday life easier

Wants to listen to their favorite albunsanytime, anywhere

Wants as many product options as possible to choose from when necessary

Digital Strategy | Customer ownership is the new rule

Respect customer privacy

Act systematically to improve customer

experience

Continuously listen to customers and follow up

to get their feedback

Motivate employees to stay engaged

Build customer empathy into processes and policies

Act proactively to anticipate needs

Adapt to customer demands and circumstances in real time

What really matters is to have the customer in the center of everything we do

Digital Strategy | How to achieve customer ownership?

Innovators IncumbentsX“Incumbents must find innovationbefore innovators find distribution”

Challenge: changeChallenge: scale

Digital Strategy | What is Itaú Unibanco doing to achieve customer ownership?

Leverage Develop+

Bulding digital capabilities on top of major strenghts.

Lots of data

Large customer base

A full range of products and services

+ speed to extend our digital offer

deep knowledge of customer

The capability tocontinuously transform

value propositionaddressing

real customer needs

Speed to extend our digital offer (10x)

Cloud

AnalyticsOps

Test automationusing AI

Cubo (innovationecosystem)

Legacymodernization

CI/CD

2010 2018

Agile anddesign

thinking

10x

Delivery Communities

2x Methodologies

Processes

TechnologiesBusiness + tech

integration(digital channels)

Business + tech integration (all

Delivery Communities)


Working model | Digital-oriented organization

Team organization

Value capture

Customer involvement

People move with each new project

Months/years

After solution is reached

TRADITIONALCustomercentricitymeansmanagingtheorganizationin a new way.

Project management and execution

User Experience

Business obj. 1

Data science

Technology

Product

Operations

Business obj. 2

Business obj. 3

Business obj. 4

DELIVERY COMMUNITIES

PLATFORMS IN CONTINUOUSEVOLUTION

Stable teams working in collaboration

Weeks

Constant iterations and continuous feedback

BUSINESS + TECHNOLOGY

MODERN

Continuous evolution ofour digital solutions

Delivery communitiesare ruled by agile and lean principles.

Working method Waterfall Agile, lean and

design thinking

Moving from command and control to autonomy


Technology platform | Legacy modernization

• Scalability and flexibility• More frequent deliveries• Availability

Benefits ofmodernization

• Time-to-money reduction

• Cost and lock-in reduction

• Digital, customer-centric technology

• Operational risk reduction

• Enabling open bankingManagerial

Accounting

Receivables

Data Lake

Event-driven

ONLINE SYSTEMS

BATCH SYSTEMSManagerial

Accounting

Receivables

Data Lake

Batch processing architecture

Microservices advantages:

• Payments• Credit card• Current account

We are also employingexternal platforms to speed upthe delivery of news solutions(products and services)


Technology platform | Cloud

Cloud

Why is cloud computing important to us?

• Time-to-money reduction• Application modernization• Cost efficiency• Operational risk reduction• Access to public cloud tools 2017 2018

solutionsin cloud

8x more

50% of financial benefit projects

used cloud solutions.

20192018 Until 2021

70% of projects have cloud solutions.

At least one public cloud provider used.

Cloud computing expected to be used in the main interfaces with customers.Multi-cloud in at least 3 providers.

Access to tools that add value for customers


Technology tools that support our working model.

Technology platform | DevOps and SRE

DevOps

SRE

Incorporatepractices toshorten the

development lifecycle whiledelivering

features, fixesand updates

Developers IT Operations

Waterfall

Agile

Design Code

Design Deploy

Deploy

DevOpsDesign

CI/CDWaterfall

Test

CI/CDAgile

CI/CDDevSecOps

Code Test Code Test Code Test


Accelerate integration, continuous deployment and software delivery.

DevOps and SRE

CUBO | Innovation ecosystem

70+ projectsbetween the bank and Cubo startupsCubo is the largest

hub for technologicalentrepreneurship promotion inLatin America.

+

Business verticals: Industry | Retail | Health | Education | Fintech

+ others

Partnerships:

Founders:

13 floors+ rooftop

24sponsors

4 events/day1,000 events/year

Spark Awards

Financial Innovation Awards 2016

Startup Awards

Awardssince 2015:

IF Design AwardInternational Visual Identity Awards

2,000people/day

215,000+ ft2

400 startupsmembers

1,100(120 startups)residents


Technology platform | Data analytics and AI

2017 2018 2019

Generated value Training and capacity building Analytics Ops

Value capture with AI and analytics has been increasing

Human capital training andknowledge dissemination

Efficient strategy for modeldeployment

2017 2018 2019

7x faster

Partnerships:

Number of data scientists at Itaú Unibanco:

Itaú Analytics Training Program:• 7 months long• 400h training

4x faster

VIRTUAL ASSISTANTArtificial intelligence

algorithm is retrained every week

100270

375

Average ROI 1500%

(base 100)

2017 2018 2019

+548%

+16%

33214 ~250


Understand customers and leverage the business.

Technology platform | Open banking

2020 2021 2022

PRODUCT INFORMATION CUSTOMER DATA CURRENT ACCOUNT INFORMATIONCREDIT INFORMATION

PHASE 1 PHASE 2 PHASE 3

PAYMENT

Location of points of service, product features, contract terms and conditions, financial costs etc.

PHASE 4

Name, parents’ names, address etc.

Data related to deposit accounts, credit transactions, other products and services contracted by customers etc.

Payment initiation, cash transfers, payments for products and services etc.

Great opportunity forcustomer ownership.


More data about our customers.

Human capital | Iniciatives

Analytics Education Program

Valuing and respecting people’s unique personalities

Data scientist

Dress code flexibility

New ways to attract talent

Hackathons pre-select new employees (2018)

+ 5,000people

Delivery Communities

Evaluation combines collective indicators and individual efforts

Performance based on cooperation

29Communities

+ 7,000people

Redesigned spaces to encourage cooperation, creativity and productivity

New technology building


Digital Strategy | Our initiatives are reflected in numbers

More valueHighest return on financial benefit projects

Regulatory environmentAttended more regulatoryrequirements using technology

Lead time Reduced delivery time for technology solutions

(Base 100)

10078

52 100134

261

100 112

222

(Base 100) (Base 100)

2016 2017 2018 2016 2017 2018 2016 2017 2018

-33%

-48% +122%+97%

+161%+95%

+34%

Significant improvement in indicators:

-22%

+12%

Digital experience | Itaú Unibanco customers are increasingly going digital

(1) Internet, mobile and SMS on Retail Bank; (2) Share of digital channels in the total volume (R$) of transactions in the Retail Bank segment; (3) Share of digital channels in quantity of transfers between different banks in the Retail Bank segment.

Aplicativo Abreconta Agências Físicas

% of transactions through digital channels

Credit2

Investments2

Payments2

20%

47%

80%

9M19

17%

37%

67%

9M17

Transfers3 95%89%

Use of Digital Channels ¹

Individuals (in millions) Companies (in millions)

AbrecontaApp

New Individuals accounts (in thousands)

Brick andMortar Branches

Efficiency Ratioof branches in 9M19

% digital operations on the Retail Operating Revenues

27% 67%Digital

Brick andMortar

71% 68%

29% 32%

9M17 9M19

Brick andMortarBrances

DigitalBrances

9.410.7

12.2

Sep-17 Sep-18 Sep-19

1.0 1.1 1.2

Sep-17 Sep-18 Sep-19

53165

276

1,010 1,108 1,088

3Q17 3Q18 3Q19

Digital Strategy | Continuous updates for a better experience

+ 11 MM individual clients usingdigital channels

+ 50 new features on the mobile channel

Average: 2 updates a month perapp

3,8Updated in Sep/2019

1st bank offering bank account opening by mobile phone

1st bank offering a leanersmartphone app

Card receivables control by phone

APP ITAÚ (INDIVIDUALS)

APP ITAÚ EMPRESAS

4,4

APP PERSONNALITÉ

4.4 4.7

4.5 4.7

4.5

4.4 4.6

4.7 4.7

4.5 4.7

4.5 3.6

Digital Strategy | Efficiency focus, while continuously investing in technology

17%Inflation (IPCA) accumulated in the period

Technology investments

45.3 46.4 47.6 46.370.1 64.2 61.2 60.7

100 101 106 111

100122 130

160

2016 2017 2018 2019 (E)

Efficiency Ratio (%) Risk-Adjusted Efficiency Ratio (%) Non-interest Expenses (Base 100) Technology investments (Base 100)

Digital Strategy | Personalized investment offer

+ knowledge and understanding

of customer.

Transparentrecommendations,

respecting investor profile and goals.

Savings Retirement CDB and fixedincome

Funds Stocks TesouroDireto

Main products and services

A customized selection of investment productsby Itaú or other companies.

THE BEST OF A BANK AND A BROKER IN THE SAME PLACE

Digital Strategy | Insurance open platform

07020529

11090739

20182017

Expansion of insurance portfolio with complementary products offered by partner insurance companies.

categoriesinsurerschannelsproducts

Benefits:

+

Multi-channeldistributionfocused on fee business

Specializedsalesforce

Post-saleexcellence

Easy access and convenience for customers

Auto

Healthcare

Life

Credit Life Insurance/Guarantee Insurance

Smartphone protection Assistance

Residential / Corporate

Dental

Card protection

Capitalization

Travel

Digital Strategy | iti

Iti is a multi-purpose platform that allows clients and non-clients to pay, buy, transfer and receive money instantaneouslypeer-to-peer or through a QR code.

Individuals

• Access to 800.000 Rede merchants

• No minimum income or bank account requirements

• Pay, buy, transfer and receive money easily and instantly, using just a smartphone

• Virtual wallet: credit cards (of any bank) to make payments

• Discounts and benefits in partner retailers

• Zero fee offer (freemium)

Itaú Unibanco in Capital Markets6

Non-voting Shares Appreciation | ITUB4

Source: Economatica.

Evolution of R$100 invested on the day before the announcement of the merger (October 31, 2008) to September 30, 2019

ITUB4 ‐ Without dividend reinvestiment ITUB4 ‐ With dividend reinvestiment IBOVESPA Index Dolar CDI

100

594

363

282281

197

Non-voting Shares Appreciation | ITUB4

(1) Simple average of the three largest Brazilian banks ex Itaú Unibanco.

Evolution of R$100 invested on the day before the announcement of the merger (October 31, 2008) to September 30, 2019

ITUB4 ‐ WITHOUT dividend reinvestiment Bank basket WITHOUT dividend reinvestiment¹

ITUB4 ‐ WITH dividend reinvestiment Bank basket WITH dividend reinvestiment¹

594518

363291

100

Source: Economatica.

Sustainability7

Sustainability Committee

(officers level)

20072000

First cell for analysis of environmental

and social risks

Sustainability Governance

(executive level)

2005

200820102013

2014 2016 2017 2019

Itaú Unibanco Merger

Sustainable performance in corporate visionCreation of

operating committees

Central Bank Regulation

Sustainability at the board of directors’

Strategy Committee

Revision of the sustainability

strategy

Superior Ethics and Sustainability

Committee

Definition of ourSustainable

Financial Drivers

2018

Sustainability Timeline

Launch of the 8 Positive Impact Commitments

UNEP-FI Principles for Responsible Banking Signature

Corporate Sustainability Governance

Officers level

Board level

Operating level

Executive level

Integration of challenges and trends into businesses

Definition and monitoring of the sustainability strategy

Decision on and prioritization of projects

Management of projects by specific topics Working Groups

Members: Executives of areas involved in sustainability projects

Working GroupsMembers: Executives of areas involved

in sustainability projects


Members: Officers of areas involved in the sustainability agenda and Positive

Impact agenda


Members: Officers of areas involved in the sustainability agenda and Positive

Impact agenda

Superior Ethics and Sustainability CommitteeMembers of the Executive Committee

Superior Ethics and Sustainability CommitteeMembers of the Executive Committee

Strategy CommitteeMembers of the Board of Directors Strategy Committee

Members of the Board of Directors

Board of DirectorsMembers of the Board of Directors

Board of DirectorsMembers of the Board of Directors

Internal Management Ecoefficiency

Reporting Responsible Investment

Diversityintegrity and

ethicsFoundations and Institute

Environmental and Social Risk

ComitteeImpact Squad

ClimateFinance Squad

Financing Positive ImpactSectors

Increase our financing and services in positive Impact sectors.

Responsible Investment Increase the integration of environmental, social and governance aspects in the investment decisions and expand our products and services portfolio for a positive impact economy.

Inclusion and Entrepreneurship

Increase the financial inclusion of micro and small entrepreneurs through products and services, and improve the financial management of their businesses (companies view).

Financial Citizenship Expand the access to financial services and offer tools and contents that support healthier and appropriate financial decisions (individuals view).

Transparency in Reportingand Communication

Reinforce the transparency of business beyond the financial results, stating value for our stakeholders, in a righteously way and aligned with the best market practices.

Ethics in Relations and Business

Promote the creation of a righteous and ethical financial ecosystem, aligned with the sustainable development agenda.

Inclusive Management Improve the employee’s experience and promote a diverse, inclusive, healthy, and purposeful workplace.

Improve the environmental performance of our operations and promote sustainable practices in our supplier chain.

Responsible Management

1

2

3

Condut andway of acting

4

5

Business

Accountability

6

7

8

Positive Impact Commitments

Sustainable Development Goals (SDG)

2018 20192017

Priority SDGs defined with theExecutive functions through thePositive Impact Commitments

Identification of ODS and targets that we have potential impact

Definition of priority ODS connected to business

Crossing our initiatives and business with impacted ODS

Impacted SDGs throughbusinesses and initiatives

Potential SDGs that can besignificantly affected, related tothe materiality of theSustainable Finance Drivers (SFD)

Priority ODS identification history

The SDGs are the main current drivers for sustainability issues. With them we understand the way that must be followed toovercome the challenges of society, accompanying it’s dynamics.

They bring a perspective of risk and opportunity management by encouraging the strengthening of global collaboration togenerate positive environmental, social and economic impacts and mitigate negative ones.

The SDG Compass is an organization that provides guidance for companies on how they can align their strategies to contribute to the realization of the SDGs.

Positive Impact Commitments – Priority SDGs

Commitments which guide how to be accountable

Commitments that create positive impact through business

Commitments that are the basis of our conduct and way of acting


Inclusive Management

ResponsibleManagement

16 5 8 10 7 10 12 13

Responsible Investment

Financial Citizenship

Inclusion and Entrepreneurship

1 8 10

5 8 9 10

Transparency in Reporting and

Communication

12 16

Financing Positive Impact Sectors

7 8 9 11 12 13

No poverty

Gender Equality

Affordable andclean energy

Decent work and economic growth

Industry, ennovationand infrastructure

Reduced inegualities

Sustainable citiesand communities

Responsible consumptionand production

Climate action

Peace, Justice andStrong institutions

1

5

7

8

9

10

11

12

13

16

Given the format of our commitment, there is a wide

possibility that we will impact the SDGs.

PRIORITIES FOR ITAÚ UNIBANCOSUSTAINABLE DEVELOPMENT

pg. 130

Our business is based on ethical principles, which reflects the transparency, respect and honesty present in our relationship with stakeholders.

2017 20182016 Target2019

98% 93% 98% 95%


Information is what supports the entire banking operation. Therefore, we have the commitment to protect corporate information and ensure the privacy of clients in all transactions.

General Law on Data Protection (LGPD)

With the focus on compliance with legal requirements, a working group was set up, composed of members from different areas of the bank who are studying all the items dealt with in the legislation and raising points for improvement in the institution's current processes.

Among the actions, we mention:

• Training to disseminate knowledge of data privacy;

• Adequacy of the policies on Data Governance;

• Promotion of the concept of Privacy by design in the creation of products and services.

Information Security Corporate PolicyTo ensure compliance with the principles and guidelines relating to the protection of the information and intellectual property of the organization, clients and the general public.

Cyber Security

We use cutting-edge technology to protect our network and data, as well as other barriers, such as restricted access to our servers, facilities and virtual environments, through the use of firewalls, protection by password and encryption.

NBR ISO/IEC 27001 CertificationA Brazilian standard developed to ensure the protection and privacy of information provided by customers and other sources.

Integrity and Ethics Program

Integrity and Ethics Program consists of the set of guidelines and processes that aims to ensure compliance with the Code of Ethics and the principles and values of our conglomerate. The Corporate Integrity and Ethics Program is composed of the following dimensions:• Commitment of senior management• Management of policies and procedures• Communication and training actions• Continuous monitoring of indicators and

processes• Channels of doubts and manifestations

Adherence to the termination of integrity policies (%) The Integrity and Ethics Education Program

brought together the program's most important trainings in distance education sessions. They are applied to all employees and the trainings are renewed every two years. In 2018, these trainings were restructured and launched in three phases.• 1st phase: Ethics, Prevention of Corruption and

Relationship with customers and users• 2nd phase: Prevention of Money Laundering

and Sustainability• 3rd phase: Compliance, Information Security;

Supplier Relationship and Health and Safety atwork

Training programs

In 2017, we were publicly recognized by the Ministry of Transparency and the Office of the Comptroller General of the Union (CGU), in partnership with the Ethos Institute, for the last edition of the 2017 Company Pro-Ethics list. (From 2018, this recognition will every two years)

Inclusive Management | Management Cycle

Attraction and Selection

Training and Development

Performance Assessment

Compensation and Benefits

Internship: 2,393 people recruited in 2018 (between 2016 and 2018 68% of the interns were hired, and 95% of those are still working with us.

Trainee: 132 trainees recruited in 2018 (Retention rate: 98%).

9% 10%10%201820172016

General Turnover beha

vior

al

results

Special Talent Programs

Itaú Unibanco Business School

Career management

Internal recruiting program that allows career changing. In 2018, 1,699 employees were transferred.

Based on meritocracy, we make an annual analysis of the results and behavioral aspects of each employee.

Performance Management

Strategic People Planning

Joint discussion on career planning (Development Committee) and feedbacks.

Fixed CompensationIn 2018, it amounted to approximately R$17 billion (plus charges and benefits). Salary adjustments by means of promotion, merit, and collective bargaining agreements.

Variable Compensation

BenefitsExamples: meal voucher, education sponsorship, transportation voucher.

Turnover

Amounts invested in training programs

(millions of reais)

Since 2009 among the Best Companies to Work For, according to Brazil’s main publications (Você S/A, Épocaand Valor Carreira magazines).

193

2016 2017

232

2018

253

Long-term incentives based on the offer of preferred shares for leading positions.

Inclusion of social and environmental criteria in the targets of employees and management members.

Beyond accomplishing the commitments and collective conventions we signed, we seek to value our employeess well-being through an array of benefits toprovide them a better life. Some examples of the benefits are:

Fique Ok: A personal support program to our employees and their family members, with a multidisciplinary team available 24/7, offering a free and confidential service;Psychosocial Services: Psychological and Social Work care at our administrative and technologic buildings;Parental Support Policy: Sets benefits for pregnant women and homosexual couples after the birth or adoption of children, also providing special readaptationconditions to women returning from their maternity license.

Inclusive Management | Employees

100,335 Employees1

22%2 of employees are black

60% 40%

51.5%2 of managementpositions are held bywomen

2.73%2 are apprentices 4.8%2 of employees are disabled persons

85%

2017

87%

2018*2016

84%

Overall Satisfaction

Rate

Organizational ClimateThinking about the best way to measure and monitor our employees’ satisfaction, in 2018 we redesigned our survey strategy, by discontinuing the Fale Francamente (Speak Frankly) survey, which was replaced by Pulse

It is an internally-developed survey that measures the employees’ level of agreement with 17 statements divided into four evaluation blocks: Individual, Team, Management and Company.

Employees’ Well-Being and Health We seek to develop dynamics that place people from different areas and with different backgrounds to think about solutions focused on the client; therefore, we work based on the rationale that the best solutions come from the multiplicity of visions.

Accordingly, we established a new work format, known as Communities of Delivery, with which we form interdisciplinary teams that are not governed by hierarchy, with the application of an Agile and Lean Framework in the solution of challenges and with more independence and collaboration.

Currently, we have more than 30 communities where more than 6,000 employees work, with an increase of 20% in productivity.

Communities: a new working dynamic

(1) Employees who were active in December 2018, in Brazil and abroad from companies managed by the human resources department..(2) Values regarding Brazil + Latam

*Results from 2018’s second semester.

Inclusive Management | Diversity

Our CommitmentOur Internal Policy for Diversity

Enhancement Principles :

We reinforce and disclose the Internal Ombudsman’s Office also as the reporting channel for situations in which employees feels discriminated against or witness any situation that goes against Diversity principles.

Internal reporting channel

1- Implementation of policies and projects for valuing and promoting diversity and accessibility.

2- Promotion of equal opportunity in all processes.

3- Representation of all groups in the organization.

Strategically positioning thetheme in institutional processes and projects, sensitizing theorganization, deconstructingstereotypes and implementingactions to change specificscenarios are some of its directions.

Some of our actions

Gender

We seek gender equality by guaranteeing more diverse selection processes, fair evaluation conditions for women on maternity leave and full payment of profit sharing, as well as conducting awareness campaigns with employees, senior leadership, clients and society

Race Equality

We hold events of attractiveness and promotion of inclusion, in addition to the partnership with the development project of black youths and the participation in several events and fairs with the theme of racial equality, inclusion and entrepreneurship, besides

LGBT+

We held the LGBT + Diversity Week, which was marked by a series of lectures with Market Specialists and internal collaborators. And during this week, we adhered to the commitment of the LGBT + Companies and Rights Forum and to the Standards of Business Conduct (UN).

In order to boost the Diversity agenda, in 2018 we started to have an integrated action, in which the Human Resources area is supported by five other areas, to discuss and act in different roles in the institutional agenda.

Integrated Action

Responsible Management

In 2018 we created a working group within the central administration focused on efficiency in utilities, which resulted in theeconomy of several inputs:

-4.0 GWhEnergyconsumption

-13 mil m³ Of natural gasused

-26 mil m³ Of waterconsumption

-469 tCO2emitted with diesel oil burning

Our targets for 2020 (with base year in 2013) were reviewed, since the acquisition of other companies by the Itaú Unibancogroup in that period. Thus, our goal was extended to 2021.

Reduce in 4% our absolute scope 1 emissions

Emissions – Scope 1

Reduce in 6% our absolute scope 2 emissions

Emissions – Scope 2 Waste

Reduce in 4% our waste, destinated to landfills

Reduce in 13% our absolute water consumption

Water

Reduce in 15% our absolute energy consumption

Renewable energy

Achieve an indicator of 96% of renewable energy consumed

Power

The base year of our emissions is now 2018, it was reviewed using the Science Based Targets methodology. The base year of our waste target is now 2017, it was also revised to include waste from bank branches.

Credit Analysis Responsible Investments

The Environmental and Social Risk Policy contains the criteria for the analysis of clients and projects and the establishment of real estate guarantees and the inclusion of covenants. To this end, we must consider:

List of prohibited activities

We do not carry out new loan operations with companies involved in:• Labor in conditions similar to slave labor;• Child labor in violation of legislation;• Encouragement of prostitution.

List of restricted activities

We have specific guidelines for making an environmental and social risk analysis in the following segments:• Firearms and ammunition; • Activities of extraction and production of wood, firewood

and charcoal from native forests;• Fishing activities; • Extraction and industrialization of asbestos; • Cold storage plants and cattle slaughterhouses.Client analysis to clasify (great businesses):(A – High Risk; B – Medium Risk and C – Low Risk)

Project financing: We follow determined criteria in accordance with the type of operation/project, considering policies or Equator Principles

Guarantees and Covenants

Proprietary methodology to include ESG issues in the valuation of fixed income securities and the pricing of active management funds, taking into account: materiality, relevance for the industry, risks e opportunity rating, metrics, and management

Company Coverage:• 99% of the companies listed on the Ibovespa;• 98% of IBrX-100;• 97% of the Corporate Sustainability Index (ISE);• 95% of the assets under management of Itaú Asset

Management.

Financing Positive Impact Sectors | Responsible Investment

Financing Positive Impact Sectors | Task Force on Climate-related Financial Disclosures (TCFD)

We highlight our activities related to each TCFD strategic pillar

The initiative was conceived under the Financial Stability Board (FSB). It proposes climate disclosure recommendations for the financial and non-financial sectors in the pillars of Governance, Strategy, Risks Management and Goals and Metrics.

Governance Strategy Risk Management Targets and Metrics

The Board of Directors guides our internal Sustainability and Environmental and Social Responsibility Policy for risks and opportunities related to climate change;

We have a working group made up of different Bank areas to articulate and implement climate finance governance, to drive the low carbon economy and incorporate climate risk issues into our operations;

Launched in 2017, the Socio-environmental Risk Management project aims to review socio-environmental risk in our activities and businesses. The Climate Risk theme is addressed in this project, enabling a full view of business and operations and their rapid handling in our committees.

We participate in multi-sector discussion groups, such as CEBDS, UNEP-FI, FEBRABAN and FGV;

Participation of the UNEP-FI work group to implement the recommendations of the TCFD considering different climate scenarios;

A study was carried out about the climate change impact on our corporate loan portfolio in medium and long-term scenarios;

A study of financed emissions was carried out about based on the Portfolio Carbon Initiative guidelines.

Climate variables are taken into account in the analysis of the Environmental and Social Risk for the corporate segment and of the financing of large projects;

We have a list of sensitive sectors, which, among other criteria, consider climate exposure. These are dealt in more detail for credit analysis;

Itaú Asset Management takes Climate Change topics into account in its ESG integration methodology for investment analysis;

We take into account climate issues in pricing our insurance products (corporate).

We have targets for financing positive impact sectors that consider the transition to a low carbon economy;

We are part of the pioneering Science Based Target working group to develop a methodology for setting a target for financed emissions;

We have science-based targets for emission reduction of scope 1 and 2;

We are committed to incorporating TCFD recommendations by 2022.

Financial Citizenship | Itaú Women Entrepreneurs e Financial Education

Program goal

Promote the economic and social development of the country based on the support to female entrepreneurship and draw a business strategy with the public.

In-person Actions• Networking events • Business rounds • Workshops

Online Platform• Contents related to enterprise

management and leadership• Management tools• Motivational videos

Solutions

The Itaú Women Entrepreneurs Program (local acronym IME) was created in 2013 as a result of a partnership with the IFC, World Bank, and the IDB to offer financial and non-financial solutions to women entrepreneurs.

Itaú Women Entrepreneurs Number of participants in the program

Platform Access

Disseminating the program In 2018, we promoted a nationwide campaign called Vai Garota(Go Girl), that represents the attitude, union, and transformative power of women.

Results• 25 million views on YouTube;• +1 million acesses to the

website• 15.8% of returning users

#VaiGarota Evolution of our credit portfolio

In January of 2019, we conducted a new survey that aimed to show thedevelopment of women participatingin the program in comparison toother clients. Thus, we found out thatthe participants:

• Presented a maximum overall credit limit 77% bigger, on average;

• Were less likely to default than other clientes.

The granting of credit to entrepreneurs is a relevantway of supporting female entrepreneurship. To thisend, we monitor the evolution of our portfolio:

• In 2018, the volume of credit operations for womenowned companies reached approximately R$3.1billion, more than doubling the portfolio in 2016,which reached R$1.4 billion.

2016 2017 2018

20,8005,997 8,056

9M19

24,000

2016 2017 2018

1,479,901128,161 96,806

9M19

132,827

Climate Change

Sustainable Development

Reporting and Transparency

Integrity and Ethics Responsible Bank

Organizations and commitments that are sources of knowledge and trends

Transparency in Reporting and Communication

Women Empowerment and Diversity

Program for the promotion of gender and race equality

Red Mujer Emprendedora

SEC’s 20-F form

ESG dataFinancial Demonstrations

Transparency in Reporting and Communication | Reporting

• Presentation of the results from 6 capitals: financial, social and relationship, human, intellectual, manufactured and natural.

Integrated Annual Report

Leader in Transparency since 2010.

Only Latin American bank to be part of the index since its creation (1999).

Part of the index since its creation in 2005.

Part of the index since 2015.

Integrated Report

Part of the Index portfolio since its second edition in 2016.

• First Brazilian financial institution to publish it voluntarily.

Part of the ICO2 portfolio since its inception in 2010.

Recognitions

itub institutional presentation 3q19 - macroeconomic

Documents